Fintech / Regtech

Thailand Opens Applications for Virtual Bank Licences

21/03/2024

True Corp, Gulf Energy Development and Siam Commercial Bank’s holding company are among those planning to apply for a licence.

HSBC Wins Taiwan Approval to Serve High-net-worth Clients

21/03/2024

HSBC is the first foreign bank subsidiary in Taiwan to receive the approval to offer wealth management services to high-net-worth clients.

AML / KYC

UK Gov, Banks Disagree on Suspended Accounts Scheme

21/03/2024

The scheme would allow banks to transfer funds that have been suspended due to criminal suspicions to the government to finance its efforts to crack down on financial crime.

Sanctions

OFAC Targets Procurement Networks Used for Iran Weapons Programmes

21/03/2024

The sanctions target 5 individuals and 10 companies they own or use to facilitate procurements for Iran’s nuclear and other military weapons programmes.

Sanctions

OFAC Issues New Russia Sanctions Over ‘Malign Influence Efforts’

20/03/2024

Two individuals and their companies were sanctioned for creating fake websites designed to impersonate government bodies and media outlets with intent to deceive.

Enforcement

S. Korea Sees First Securities Class Action Related to an IPO

20/03/2024

The class action is against semiconductor company FADU and its underwriters, NH Investment & Securities and Korea Investment & Securities.

BOT to Randomly Inspect Banks to Assess Debt Restructuring Efforts

20/03/2024

The inspections will be used to ensure lenders are offering reasonable and realistic debt solutions to customers, in line with guidelines issued at the start of the year.

Securities / Derivatives

Taiwan to Lower Shareholding Disclosure Threshold on 10 May

20/03/2024

The threshold that triggers requirements to disclose substantial shareholdings will be lowered from 10% to 5%. Reporting will also shift from paper-based to electronic.

Crypto / Digital Assets

ECB Establishes Seven New Digital Euro Rulebook Workstreams

20/03/2024

The workstreams are aimed at developing rulebook proposals covering UX standards, a certification and approval framework, risk management, and implementation specifications.