Enforcement

OFAC Sanctions UAE Companies, Vessels for Trading Russian Oil

17/11/2023

Latest OFAC action meant to strengthen enforcement of the G7 oil-price cap as Russia continues to profit from oil exports.

Sanctions

US Lifts Export Controls on Chinese Institute as Part of Fentanyl Deal

17/11/2023

The US Commerce Department removed China’s Ministry of Public Security’s Institute of Forensic Science from the Entity List as part of a bilateral effort to regulate the fentanyl trade.

Crypto / Digital Assets

ATO Updates Guidance on Crypto Capital Gains Tax

16/11/2023

Capital gains tax applies to transactions involving wrapped tokens, DeFi lending and borrowing arrangements, liquidity pools, and DeFi reward payments.

Market Infrastructure

China Proposes to Streamline FX Business Rules for Capital Account

16/11/2023

The revised guidelines seek to provide greater convenience in the handling of foreign exchange under the capital account, SAFE said.

Market Infrastructure

ASIC Licenses Second Derivative Trade Repository

16/11/2023

ASIC has granted an Australian Derivative Trade Repository licence to US-based KOR Reporting Inc.

AML / KYC

China Issues Draft Rules Promising Strict Penalties for Fraudsters

16/11/2023

Individuals who commit fraud can have their bank accounts and communication services suspended, and their offences included in the national financial credit information base.

AML / KYC

Singapore Police Make Five Arrests in Anti-scam Operation

16/11/2023

The police acted on information from DBS, seizing S$680,000 and arresting five individuals including a 16-year-old.

Market Infrastructure

ASIC Consults on Further Changes to OTC Derivatives Reporting Rules

16/11/2023

ASIC proposes changes to some data elements and other minor amendments, informed by international developments and industry engagement.

Fintech / Regtech

MAS-Backed Consortium Develops GenAI Risk Framework

16/11/2023

The risk framework will enable FIs to use GenAI in a responsible manner, including by leveraging illustrative use cases to better understand its impacts.