Enforcement

Australian Court Dismisses Class Action Against CBA

14/05/2024

The class action alleged that CBA failed to disclose its AML contraventions for several years before it was eventually fined A$700m in 2018.

Capital / Liquidity

Japan Outlines Plans for Next Climate Scenario Analysis Exercise

14/05/2024

The results of the first exercise were published in August 2022. The second exercise will cover a shorter time horizon.

Market Infrastructure

China Issues Data Security Rules for Accounting Firms

14/05/2024

The rules require audit working papers to be stored within China. Encryption devices and encryption keys must also be in China.

Enforcement

Singapore: Next Phase of FSMA Implementation Has Commenced

14/05/2024

MAS can now impose fines up to S$1mn for non-compliance with technology risk management requirements.

Crypto / Digital Assets

US Orders Chinese-owned Crypto Miner to Sell Land

14/05/2024

Presidential order says MineOne Partners did not notify CFIUS before buying land next to an Air Force base.

Fintech / Regtech

Mastercard Commences Bank Card Clearing Business in China

14/05/2024

Mastercard is the second overseas bank card clearing institution to start operating in China, after Amex in 2020.

ESG / Sustainability

Malaysia to Sell First Domestic Carbon Credits on 25 July

14/05/2024

Bursa Malaysia said the auction of carbon credits generated via a domestic forestry project marks a “significant milestone” for BCX.

AML / KYC

Canada: FINTRAC Fines Binance for Regulatory Violations

14/05/2024

Binance failed to report almost 6,000 crypto transactions larger than CAD 10,000 over the two years to July 2023.

Enforcement

FINRA Censures and Fines Mizuho’s US Securities Unit

14/05/2024

Mizuho Securities had inaccurate or incomplete information in more than 300,000 institutional customer confirmations over five years.