AML / KYC

Consultation Opens on Revisions to FATF Standards for NPOs

01/07/2023

The proposed amendments seek to address issues related to the over-application of preventive measures to the NPO sector, which hinders genuine non-profit activity.

Capital / Liquidity

PBOC Wants Foreign Banks to Lower USD Deposit Rates – Report

30/06/2023

The PBOC reportedly asked one commercial lender to lower its deposit rates for the US dollar, in response to recent weakness in the yuan.

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.