AML / KYC

Indian Crypto Businesses Now Subject to AML Laws

10/03/2023

Indian crypto firms are now formally required to perform KYC due diligence, verify client identities, monitor transactions, and report suspicious activities.

Crypto / Digital Assets

Swift Concludes 12 Weeks of Tests on CBDC Interlinking Solution

10/03/2023

Nine banks and three central banks participated in testing Swift’s API-based CBDC connector across two blockchain networks and fiat-based payment systems.

Securities / Derivatives

SFC Fines City International Futures for AML Compliance Failures

10/03/2023

City International Futures is the 6th firm to be fined over the use of software that allows Mainland investors to trade without opening a local securities account in Hong Kong.

Fintech / Regtech

IOSCO to Develop Capacity Building Tool for Emerging Markets

09/03/2023

The so-called “MASI” tool will assist in self-assessments against the IOSCO core principles and facilitate comparisons against more developed regulatory frameworks.

Enforcement

HK Issues Record Fine Against Unlicensed Money Service Business

09/03/2023

A Hong Kong money changer and two directors were fined for operating a money service business before their licence application was approved.

Crypto / Digital Assets

Crypto Focused Bank Silvergate to Enter Into Liquidation

09/03/2023

Silvergate has served as one of the main banks for crypto companies. The wind down and liquidation plan includes full repayment of all deposits.

Crypto / Digital Assets

NYAG Files Lawsuit Against Crypto Platform KuCoin

09/03/2023

In a first by a US authority, the lawsuit claims that Ether is a security, meaning KuCoin was required to register as a securities broker or dealer.

Enforcement

ASIC Issues Stop Orders Against Interactive Brokers’ Securities Lending Product

09/03/2023

ASIC says Interactive Brokers inappropriately included investors in the target market that didn’t align with the features and risks of the product.

AML / KYC

Korea Customs: Crypto Involved in 70pc of Illicit Fund Flows in 2022

09/03/2023

The illicit crypto transactions were mostly aimed at purchasing foreign virtual assets with the intention of exploiting the so-called “Kimchi premium”.