AML / KYC

FATF Reiterates Calls for Global Adoption of Crypto AML Rules

20/04/2023

At a meeting in Tokyo last week, officials and the private sector discussed global progress and challenges in regulating virtual assets.

AML / KYC

ASIC Calls on Banks to Reconsider Approach to Scams

20/04/2023

Only 13 percent of scam payments made by customers were detected and stopped by the big four banks. Customers were “overwhelmingly” the bearer of scam losses.

Fintech / Regtech

Financial Sector Participating in Global Cyber Defence Exercise

20/04/2023

FS-ISAC member firms including Barclays, CME Group, Mastercard and Santander are participating in the so-called ‘Locked Shields’ exercise this year.

Crypto / Digital Assets

HK Court Declares Crypto is Property That Can be Held on Trust

19/04/2023

The ruling was related to the March 2019 winding up of Gatecoin, which suffered a hack in 2016 and lost around $2mn in digital assets.

Enforcement

Korea to Prosecute “Malicious Rumours” in Financial Market

19/04/2023

FSC Chairman Kim Joo-hyun instructed the FSS to prosecute those who spread false information after rumours circulated about problems at two unlisted lenders.

AML / KYC

Malaysia to Re-evaluate Goldman Settlement Over 1MDB

19/04/2023

The government believes the 2020 deal “was done hastily” and could have resulted in more public funds being recovered.

Australia Consults on Bill to Lower Entry Barriers in Advice Industry

19/04/2023

Financial advisers with ten years experience and a clean disciplinary record will be deemed to have met the education requirements.

Capital / Liquidity

BCBS, FSB Consider Changes to Global Banking Rules

19/04/2023

Fitch Ratings says global standard-setters may adjust the existing prudential and resolution frameworks, potentially making IRRBB a Pillar 1 requirement.

Securities / Derivatives

Two More Chinese Firms List GDRs in Switzerland

19/04/2023

The listings come despite last month’s reports that Chinese regulators had stopped accepting applications from mainland firms seeking to issue GDRs in Switzerland.