Securities / Derivatives

Chinese Stock Exchanges Probe Large Covid-related Writedowns – Report

06/03/2023

The Shanghai and Shenzhen stock exchanges have queried companies over why they wrote down the value of assets last year.

BSP Seeking to Eliminate Fees for Small Value Transactions

06/03/2023

The BSP is considering lowering the RRR in exchange for banks waiving their fees on small transactions, as part of efforts to promote financial inclusion.

AML / KYC

US Authorities to Target Those Who Facilitate Sanctions Evasion

06/03/2023

China (incl. HK and Macau), Armenia, Turkey and Uzbekistan are named as “transshipment points commonly used to illegally redirect restricted items to Russia or Belarus”.

Sanctions

US Commerce Department Adds 3 Dozen Entities to Trade Blacklist

06/03/2023

Of the 37 companies added to the list, 28 are Chinese entities including those involved in advanced technologies and genetic data collection.

Enforcement

LME Faces First Ever Enforcement Probe Over Nickel Market Suspension

06/03/2023

This is the first time UK regulators have opened an enforcement investigation against an exchange, which observers say could point to serious misconduct or compliance failures.

Enforcement

OFAC Penalises Indian Tobacco-maker for Sanctions Violations

06/03/2023

Godfrey Phillips India exported tobacco to North Korea through a Thai intermediary, saying they were going to China. Hong Kong intermediaries were used to make the payments.

Singapore Amends Thresholds for Gaining PR Status Under GIP

06/03/2023

Applicants will have to invest at least S$10mn in a business or S$25mn in a GIP-select fund, compared to $2.5mn currently.

AML / KYC

MAS Calls for Stronger AML/CFT Controls in Wealth Management

06/03/2023

Circular sets out expectations for FIs to review their existing controls to ensure they remain adequate to mitigate ML/TF risks in wealth management.

Capital / Liquidity

Korea: New Task Force Plans Measures to Improve Banking Sector

06/03/2023

Regulators are considering allowing shareholders to vote on executive compensation, introducing clawback provisions, and granting new bank approvals, among other measures.