Data Privacy

HKMA Asks Banks to Participate in New Data Sharing Initiative

15/08/2023

The Interbank Account Data Sharing Initiative will enable banks to share bank account data with other banks, subject to customer consent.

PEPs & Sanctions

Ex-FBI Agent Admits He Worked for Sanctioned Russian Oligarch

15/08/2023

Charles McGonigal, one of the highest-ranking FBI agents to ever face criminal charges, entered a guilty plea on Tuesday in New York.

KYC & CDD

HKMA Fines EFG Bank Over AML Control Deficiencies

15/08/2023

The bank failed to complete identity verification for customers that were transferred in from another FI and had other issues related to CDD and ongoing monitoring.

AI Risk & Governance

Taiwan FSC to Establish New Rules for Robo-Advisor Services

15/08/2023

Robo wealth management services are currently being offered by 16 financial institutions. Legislation will be ready in H1 2024.

Climate Risk

RBNZ Publishes ‘Too Little, Too Late’ Climate Stress Test Scenario

15/08/2023

The climate stress test scenario is titled ‘Too Little, Too Late’ because of the lengthy delay in enacting meaningful global climate policies.

Trading & Investment

Shanghai, Shenzhen Bourses Pledge Measures to Stimulate Markets

15/08/2023

The measures are designed to stimulate market vitality, enhance transaction convenience and smoothness, and continuously improve market attractiveness.

Anti-Money Laundering

US Prosecutors File Amended Indictment Against Sam Bankman-Fried

15/08/2023

The new indictment drops a campaign finance charge but includes an illegal campaign finance scheme as part of original fraud and money laundering charges.

Clearing & Post-Trade

DTCC Kicks Off T+1 Settlement Testing Programme

15/08/2023

The testing programme was designed to support full end-to-end testing of the various processes impacted by the T+1 functional changes.

Market Abuse

UBS Settles RMBS-related Misconduct Lawsuit for Over $1.4b

15/08/2023

The settlement brings the total amount of civil penalties paid by firms for failed RMBS leading up to the 2008 financial crisis to over USD 36 billion.