Fintech / Regtech

RBI Awards AI-based SupTech Contract to McKinsey, Accenture

14/08/2023

The RBI invited expressions of interest last September. The $10mn contract has now been awarded to McKinsey and Accenture.

Enforcement

Korea: Bank CEOs to Face Possible Liability for Internal Control Lapses

14/08/2023

The FSC is working directly with lawmakers to fast-track a bill that would allow it to punish bank CEOs for embezzlement and other crimes that occur under their watch.

DBS Completes Acquisition of Citi Consumer Businesses in Taiwan

14/08/2023

DBS chief Piyush Gupta said the integration accelerates the bank’s consumer business growth in Taiwan by at least ten years.

AML / KYC

SEBI Streamlines KYC Process for Securities Market Onboarding

14/08/2023

SEBI directs KRAs to verify client information so that they gain portability, and clients to skip repetitive KYC steps with different intermediaries.

Sanctions

OFAC Sanctions Four Russians Linked to Alfa Group

14/08/2023

The four individuals have already been sanctioned by Australia, Canada, the EU, New Zealand, and the UK.

Sanctions

Korea Unfreezes Iranian Funds as Part of US Prison Swap Deal

14/08/2023

$7bn of Iran’s funds have been frozen in South Korea since May 2019, after sanctions waivers for oil imports were allowed to expire.

Crypto / Digital Assets

SFC Grants ‘Approval In-Principle’ to HKVAX for Virtual Asset Trading

14/08/2023

Hong Kong’s SFC grants “in-principle” approval to HKVAX, the first given since the VATP licences granted to HashKey and OSL earlier this month.

Securities / Derivatives

BSP Issues New Rules for UITFs on the Use of Benchmarks

14/08/2023

The BSP specifies a one-year transition period to allow unit investment trust funds to review their benchmarks and make changes where needed.

AML / KYC

SEBI Tightens Disclosure Requirements for FPIs

14/08/2023

FPIs are required to provide information on persons with ownership, economic interest or control in an FPI.