AML / KYC

UK OFSI Issues Guidance on Assessing Ownership and Control

20/03/2023

Updated guidance sets out expectations around the due diligence that should be performed to assess whether entities are owned or controlled by designated persons.

Enforcement

Biden Seeks to Hold Executives Accountable for Bank Failures

20/03/2023

Joe Biden is asking Congress to make it easier for regulators to fine and ban executives of failed banks and claw back compensation.

Capital / Liquidity

IMF Approves $3b Funding Arrangement for Sri Lanka

20/03/2023

The Executive Board’s decision enables an immediate disbursement worth $333mn million. Sri Lanka agreed to fiscal, monetary, governance and anti-corruption reforms.

Capital / Liquidity

HKMA Proposes BELR, BCR Changes to Implement Basel III

20/03/2023

Proposed changes to the banking exposure limits rules and the banking capital rules are open for comment until 21 April.

Crypto / Digital Assets

Ripple’s Rahul Advani Discusses Regulatory Landscape for Digital Assets

20/03/2023

Rahul Advani, Policy Director for APAC at Ripple, discusses the regulatory landscape for digital assets and the potential for a globally harmonised framework.

Capital / Liquidity

Central Banks Coordinate Action to Ensure Global USD Liquidity

20/03/2023

From Monday until at least the end of April, the Fed and other central banks will make US dollars available on a daily basis, rather than weekly.

Capital / Liquidity

SVB Financial Files for Chapter 11 Bankruptcy Protection

20/03/2023

The bankruptcy filing means SVB Financial can apply to the courts to resume activities while it looks for buyers for its assets.

Securities / Derivatives

LME Discovers Nickel Bags Containing Stones at Warehouse

19/03/2023

The already embattled LME is postponing the reopening of Asian trading to allow its warehouse operators to recheck warranted nickel.

Enforcement

China MOF Fines Deloitte for Huarong Audit Failures

19/03/2023

Deloitte’s China arm was fined a record CNY 212 million for “serious” deficiencies in its audit work for China Huarong Asset Management between 2014 and 2019.