Enforcement

US Charges Exiled Chinese Businessman with $1b Fraud Scheme

16/03/2023

Guo Wengui and his financial adviser allegedly cheated thousands of investors since 2018 by promising outsized returns on various offerings.

Fintech / Regtech

US Announces July Launch Date for FedNow Service

16/03/2023

The Federal Reserve said it will begin the formal certification of participants for launch of the FedNow Service in the first week of April.

Securities / Derivatives

HKEX Confirms Plans to Launch RMB Counter of its Stock

16/03/2023

HKEX said the launch of RMB counter will allow investors to seamlessly interchange between securities listed in both HKD and RMB.

AML / KYC

US, German Authorities Coordinate on Takedown of Crypto Mixer

16/03/2023

Authorities dismantled ChipMixer’s infrastructure and seized four servers, about USD 46 million worth of bitcoin, 7 TB of data, two domains, and a Github account.

Capital / Liquidity

Swiss Regulators Offer Credit Suisse a Show of Support

16/03/2023

FINMA said Credit Suisse meets capital and liquidity requirements applicable to systemically important banks. SNB will provide liquidity to the bank if necessary.

Fintech / Regtech

DTCC Offers New Tool to Facilitate LIBOR Transition

16/03/2023

Widespread usage of the tool will be “an important component to help ensure a successful transition,” said Tom Wipf, who chairs the ARRC.

AML / KYC

HKIMR Report Explores GBA Cross-border Payments Challenges

16/03/2023

A survey of FIs found that some GBA transactions are still processed manually. Other challenges relate to differing messaging formats, regulatory requirements and investment quotas.

Market Infrastructure

Singapore Consults on Adjustment Spreads for Legacy SIBOR Contracts

15/03/2023

Steering Committee proposes to have a period of active transition until 30 April 2024, before banks initiate an industry-wide automatic conversion process around June 2024.

Market Infrastructure

FSC to Ease Rules to Help Korean FIs Expand Overseas

15/03/2023

New FSC taskforce will work on measures to help FIs expand and invest overseas and address issues that prevent global firms from entering the Korean market.