Enforcement

Australia High Court Calls for Higher Penalty in Foreign Bribery Case

03/08/2023

High Court justices rejected the A$1.35mn fine ordered in a foreign bribery case, deeming it insufficient.

AML / KYC

US SEC Flags Deficiencies in Broker Dealer AML Programmes

03/08/2023

Some broker dealers had deficiencies in independent testing, staff training, customer identification and due diligence practices.

Market Infrastructure

China Announces More Measures to Support Private Firms, Property

03/08/2023

Banks will be encouraged to focus on satisfying the financing needs of enterprises, support exchange rate risk hedging, and further lower their mortgage rates.

Sanctions

RBI Approves 34 Russian Vostro Accounts at Indian Banks

03/08/2023

Special Rupee Vostro Accounts were opened by Russian banks at 14 Indian commercial banks, based on guidelines issued by the RBI in July 2022.

Market Infrastructure

CUSIP-Based Entity Identifier Launched for Syndicated Loan Market

03/08/2023

The new 10-character CEI code will enable transparency and system interoperability across the syndicated corporate loan asset class, globally.

AML / KYC

FSS Korea Confirms Embezzlement Case at BNK Kyongnam Bank

03/08/2023

A BNK Kyongnam Bank employee was found to have embezzled $44mn over 15 years by fabricating loan documents and using family accounts.

Securities / Derivatives

CSRC Issues Updated Market Maker Rules for Beijing Exchange

03/08/2023

The new draft also aims to increase alignment between the rules for the Beijing Stock Exchange and Shanghai’s STAR Market. The net capital requirement is cut in half.

Fintech / Regtech

MAS Says Risk of ‘Herding’ from AI Use is Low

02/08/2023

MAS chairman Lawrence Wong addressed queries on the impact of AI on trading platforms in financial markets.

Enforcement

RBI Fines State-run Energy Firms for Reporting Foreign Investments Late

02/08/2023

The RBI fined the four companies a combined $240mn for their delay in reporting overseas investments.