AML / KYC

Taiwan FSC Issues New Digital Identity Verification Guidelines

27/10/2023

The guidelines will make it easier for financial institutions to implement new identity verification mechanisms and scenarios.

AML / KYC

BAFT Updates Guidelines on Correspondent Banking Relationships

27/10/2023

The guidelines include new sections on ISO 20022 migration and special considerations for money services businesses and fintechs.

Capital / Liquidity

China Finalises New Capital Management Rules for Banks

27/10/2023

The new rules revise how risk weights are measured, enhance supervision of the banking sector and improve information disclosure requirements.

AML / KYC

Penalties for Non-Enrolment with AUSTRAC to Start on 9 Nov

26/10/2023

Businesses that provide designated services without enrolling with AUSTRAC will accrue daily penalties starting from 9 November.

AML / KYC

AFP Arrests Seven Over $228m Money Laundering Scheme

26/10/2023

The seven are being charged under the “most complex AFP-led money-laundering investigation in the nation’s history”.

Securities / Derivatives

SFC Issues Circular on Use of Annualised Returns for MMFs

26/10/2023

The SFC has decided to allow fund managers and intermediaries to present annualised returns for MMFs for periods of less than one year.

UK Regulators Announce Removal of Banker Bonus Cap

25/10/2023

The BOE and FCA have scrapped rules for banks, building societies, and investment firms which cap bonuses at twice annual salary.

Enforcement

US SEC Fines BlackRock Unit Over Inaccurate Investment Descriptions

25/10/2023

BlackRock Advisors LLC incorrectly described a company that a fund it advised invested in and the interest rate the investment paid.

AML / KYC

ABS Says Anti-Scam Measures Have Been Effective

25/10/2023

Banks prevented more than S$57mn in scams in the first nine months of 2023, and are applying discretionary goodwill frameworks to cushion victims.