AML / KYC

India, US Pledge to Cooperate on Global Illicit Finance Risks

17/12/2023

Key topics of the joint India-US AML/CFT Dialogue were virtual assets, sanctions implementation, and beneficial ownership transparency.

Sanctions

UK Inaugurates New Iran Sanctions Regime with Joint UK-US Action

16/12/2023

US and UK governments announce joint sanctions against eight individuals as UK’s new Iran sanctions regulations come into force.

AML / KYC

HK Amends National Security Law to Facilitate Asset Freezes

15/12/2023

The national security law has been amended to allow assets to be frozen “until the conclusion of the proceedings” such as criminal prosecutions.

AML / KYC

US Congress Passes Foreign Extortion Prevention Act

15/12/2023

The Act prohibits foreign government officials from soliciting or receiving bribes from any person or company under US jurisdiction.

Enforcement

Former Bank of China Branch Head Jailed for Life for Embezzlement

15/12/2023

Xu Guojun and accomplices embezzled and misappropriated over $323mn in China’s banking sector’s biggest-ever corruption case.

Fintech / Regtech

RBA Sets Out Focus Areas for Upcoming Payments System Review

15/12/2023

The key focus areas for next year’s review are mobile wallets, BNPL services, and least-cost routing, Michele Bullock said.

Capital / Liquidity

Korea Relaxes FHC Rules on Lending to Overseas Subsidiaries

15/12/2023

The FSC said the amendments, effective on 1 January, will “contribute to revitalising the overseas expansion of Korean financial companies”.

Enforcement

SBI Securities Accused of Manipulating Stock Prices – Reports

15/12/2023

SBI Securities allegedly asked investors to buy shares in stocks that it underwrote on the first day of trading to prop up their stock prices.

Capital / Liquidity

Design of Deposit Insurance Systems to Undergo Review

15/12/2023

The 2023 banking turmoil highlighted issues requiring further analysis to inform a review of IADI’s Core Principles for Effective Deposit Insurance Systems.