Sanctions

Bangladesh Banks Directed to Stop Transacting With Myanmar State Banks

07/09/2023

Citing US sanctions, Bangladesh Bank instructed banks to stop transacting with Myanma Foreign Trade Bank and Myanma Investment and Commercial Bank.

China Passes Law Allowing Citizens to Sue Foreign Countries

07/09/2023

The previous law gave “absolute immunity” to foreign countries and their property, preventing any cases in Chinese courts against them.

AML / KYC

UK FCA Launches Review of Treatment of PEPs

07/09/2023

The FCA said it will take “prompt action” if any significant deficiencies are identified in the arrangements of any firm assessed in the review.

Fintech / Regtech

SEBI Developing AI Tool to Detect Fund Mis-selling

07/09/2023

The AI tool will be able to detect misselling that may go unnoticed using “rule-based supervision”, said SEBI chairperson Madhabi Puri Buch.

ESG / Sustainability

International Bodies Publish New Guidance on Blue-Themed Bonds

07/09/2023

The guidance provides market participants with clear criteria, practices, and examples for “blue bond” lending and issuances.

Market Infrastructure

Australian Parliament Passes Financial Accountability Regime Bill

07/09/2023

The FAR replaces and extends the BEAR by imposing new accountability obligations on insurers, banks, super funds, and their senior executives.

Fintech / Regtech

Grab-Singtel Digital Bank Approved for Launch in Malaysia

07/09/2023

GXBank, backed by Grab, Singtel and Kuok Brothers, has become the first digital bank applicant to win approval to commence operations.

Crypto / Digital Assets

Korea: Hana Bank, BitGo to Jointly Develop Crypto Custody Business

07/09/2023

Hana Bank says the custody business will help strengthen trust in the domestic digital asset market and reinforce consumer protection.

Fintech / Regtech

RBI Calls on Fintech Industry to Establish Self-Regulatory Body

07/09/2023

The RBI’s Shaktikanta Das and T Rabi Sankar said an SRO would be the best way to regulate the fintech industry and establish best practice standards.