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AML / KYC
UK to Start Collecting New Economic Crime Levy from July
15/03/2023
The economic crime levy will apply to financial firms, auditors, tax advisers, crypto firms, and other regulated entities.
Enforcement
US OCC Fines Ex-Wells Fargo Exec for Sales Misconduct
15/03/2023
Carrie Tolstedt was not required to admit or deny the OCC allegations, but she faces up to 16 months in prison under a plea agreement with federal prosecutors.
Crypto / Digital Assets
Coinbase Partners With StanChart to Enable SGD Fund Transfers
15/03/2023
Customers in Singapore can transfer funds to and from their Coinbase account using any local bank in Singapore for free.
China to Raise Retirement Age to Cope With Ageing Population
15/03/2023
China to raise the retirement age to tackle ageing population challenge and pension budget deficits.
Fintech / Regtech
Sea Group Launches Digital-only MariBank in Singapore
15/03/2023
Invitations are currently limited to users of Sea Group’s ecosystem such as Shopee customers and individual sellers.
Crypto / Digital Assets
US Prosecutors Probe Possible Terra Manipulation by Trading Firms
15/03/2023
SDNY prosecutors are said to be looking into Telegram chats among employees at Jump Trading and Jane Street from last May.
Crypto / Digital Assets
SEC Thailand Consults on Proposal to Ban Crypto Lending
15/03/2023
The ban is being proposed to protect investors from situations where service providers suffer financial problems or their services are discontinued.
Fintech / Regtech
BSP Sets 1 July for Mandatory Adoption of QR Ph Standard
15/03/2023
From 1 July, all FIs and PSPs must disable all non-QR Ph codes and proprietary QR codes and ensure they are no longer be available to the public.
Capital / Liquidity
Credit Suisse Identifies “Material” Financial Reporting Weaknesses
15/03/2023
The weaknesses related to a “failure to design and maintain an effective risk assessment process to identify and analyse the risk of material misstatements”.
ESG / Sustainability
Philippines to Adopt ASEAN SRFS, Issue Blue Bond Framework
15/03/2023
The SEC will adopt the ASEAN Sustainable and Responsible Fund Standards and separately release a new blue bond framework by Q2.
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