Sanctions

China Expands Foreign Relations Toolbox with New Law

30/06/2023

The new law authorises China’s government to apply “countermeasures” against threats to national and economic security.

AML / KYC

UK to Further Restrict Russian Access to Legal Services

30/06/2023

New law will prevent lawyers from advising Russian companies in international money lending and trade deals.

Capital / Liquidity

New Zealand Passes Bill to Enhance Depositor Protections

30/06/2023

The new deposit protection scheme will commence by late 2024, guaranteeing up to NZ$100,000 per depositor, per institution.

AML / KYC

HKMA Launches New Initiative to Prevent Credit Card Fraud

30/06/2023

All of Hong Kong’s card issuing banks, as well as 15 major merchants, commit not sending customers text messages with embedded hyperlinks.

Enforcement

UK: Financial Services and Markets Act Receives Royal Assent

29/06/2023

The Act sets a path to reform Solvency II, gives the FCA regulatory powers over crypto, and provides stronger protections for victims of APP fraud.

Crypto / Digital Assets

EU Commission Issues Legislative Proposal to Introduce CBDC

29/06/2023

The ECB will decide whether to move to the next phase of the project after its investigation phase is concluded in October.

Crypto / Digital Assets

BIS Releases Interim Report on Project Mariana

29/06/2023

Project Mariana is studying the use of DeFi automated market makers and wholesale CBDC for cross-border foreign exchange transactions.

AML / KYC

SEBI Approves Shorter IPO Timeline, New FPI Disclosures

29/06/2023

IPOs can list within three days instead of the current six days. FPIs will have to disclose additional information on ownership and control.

Sanctions

South Korea Sanctions Former Citizen for Over DRPK Deals

29/06/2023

Choi Chon Gon and a North Korean accomplice set up business entities to bypass UN Security Council resolutions against North Korea.