Sanctions

Ukraine Calls on Hong Kong to Prevent Sanctions Evasion by Russia

26/07/2024

Hong Kong says it does not implement unilateral sanctions imposed by other countries, but does enforce sanctions imposed by UNSC.

Crypto / Digital Assets

UK FCA Fines Coinbase Unit for ‘Repeated’ Regulatory Breaches

26/07/2024

The Coinbase payments subsidiary provided payment services to more than 13,000 “high-risk” customers, despite being subject to restrictions imposed by the FCA.

Securities / Derivatives

HKEX Facing Pushback on Corporate Governance Reform Proposals

26/07/2024

The proposed nine-year tenure limit for INEDs is “inappropriate”, according to Mike Wong, chief executive of the Chamber of Hong Kong Listed Companies.

AML / KYC

US, UK, South Korea Warn of DPRK Espionage Campaign

26/07/2024

Joint advisory says North Korean hacker group ‘Andariel’ is a threat to entities in the US, UK, South Korea, Japan and India.

Crypto / Digital Assets

HSBC Australia Blocks Payments to Crypto Exchanges

26/07/2024

The decision was made in light of data showing that Australians lost up to A$171mn in investment scams in 2023.

Enforcement

Korea FSS Takes Action Against BNK Financial Group, Busan Bank

26/07/2024

The FSS found that executives and employees of both companies manipulated BNK Financial’s stock price when going through the process of a paid-in capital increase.

Sanctions

Russia Progresses Bill to Allow Foreign Banks to Open Branches

26/07/2024

The bill would enable foreign banks to open branches in Russia which they could then use to settle cross-border payments.

Enforcement

Korea FSS Considers New Rules to Prevent Mis-selling

25/07/2024

Measures being considered would require banks to separate their sales channels for high-risk products from deposits and installment savings counters.

China Urges “High Quality” Firms to Use Foreign Debt Financing

25/07/2024

Companies that qualify as “high-quality enterprises” and apply for foreign debt quotas will have their applications expedited.