Enforcement

Philippines: Lenders, Subcontractors Face Charges for Borrower Harassment

21/06/2023

Charges filed under new consumer protection law which in May 2022 explicitly outlawed the harassment and humiliation of borrowers.

Uncategorised

Australia MFAA Supports AFCA Proposal to Enhance Complaints Resolution

21/06/2023

MFAA said AFCA’s proposal will enhance the efficiency of its complaint processes and will make the scheme fairer for all participants.

Big Picture

French Regulator Calls for Global Approach to DeFi Regulation

21/06/2023

The AMF seeks a “balanced regulatory framework that will help support the sound development of decentralised finance in the long run”.

AML / KYC

AMLC Sheds Light on Terrorism Financing Threats Facing Philippines

21/06/2023

New risk assessment highlights the use of social media platforms and cryptocurrencies by terrorist groups to raise funds.

AML / KYC

Taiwan Launches Action Plan to Boost Anti-Fraud Effort

21/06/2023

The action plan includes measures to identify, block, prevent and punish fraud, and improve seizure and recovery practices.

Fintech / Regtech

SFC Grants Securities Licence to Virtual Bank for the First Time

21/06/2023

With the new licence, Mox Bank will start piloting Hong Kong and US equity trading services in the HKMA sandbox “soon”.

Crypto / Digital Assets

BIS Offers Blueprint for Future Monetary & Financial System

21/06/2023

The BIS says the future financial system will combine tokenised money and assets on a programmable platform.

Capital / Liquidity

China Urges Greater Use of Digital Means for Cross-border Business

21/06/2023

PBOC and SAFE issued a draft notice allowing banks to conduct capital account business online for market players by using electronic documents.

Hong Kong Banks Partner with ECIC on Export Loan Risk Sharing

21/06/2023

The risk-sharing arrangement will make it easier for Hong Kong firms to obtain credit insurance and bank financing for trade with the mainland.