Fintech / Regtech

Singapore Launches New National AI Strategy

06/12/2023

Singapore will collaborate with industry AI product development teams, create focused AI training programmes, and accept AI talent from around the world.

Securities / Derivatives

Korean Law Firms File Complaint Against HSBC, BNP Paribas – Report

06/12/2023

The complaint calls on Seoul prosecutors to swiftly investigate the banks’ short-selling practices in cooperation with the FSS and Hong Kong authorities.

AML / KYC

Banque Pictet to Pay $123m to Settle US Tax Evasion Case

06/12/2023

Banque Pictet helped US taxpayers to use coded accounts, foreign trusts and entities, nominee beneficiaries and other “deceits” to conceal their income and assets abroad.

Sanctions

US Treasury Announces “Counter-Fentanyl Strike Force”

06/12/2023

Initiative is aimed at streamlining the US Treasury Department’s efforts to combat trafficking of illicit fentanyl.

Sanctions

US Government Offers Bounty for Russian National Accused of Sanctions Busting

06/12/2023

US government offers USD 7 million reward for individual accused of smuggling sensitive technology to Russia and money laundering via a German trading company.

Enforcement

China Fines Citic Bank and Others for Regulator Violations

06/12/2023

China Citic Bank was fined CNY 225 million for 56 regulatory violations. Multiple other banks, asset managers, and insurers were also fined.

Sanctions

US Sanctions Belgium-based Network for Russian Military Procurement

06/12/2023

US sanctions five individuals and nine entities as DOJ unseals indictments targeting illicit Russian military procurement.

Australia Consults on Improving Super Fund Retirement Outcomes

06/12/2023

Discussion paper examines how super funds can better support members and deliver better retirement income products and services.

ESG / Sustainability

ICMA, LSEG to Develop Practitioner Guide for Islamic Bonds

06/12/2023

The guidance will set out how Sukuk may be labelled as Green or Sustainability, in line with ICMA’s Green Bond Principles and Sustainability Bond Guidelines.