Anti-Money Laundering

Court Ruling Requires PayPal to Comply With AML Laws in India

25/07/2023

The court dismissed a monetary penalty previously imposed on PayPal for failure to comply with the reporting obligations under the PMLA.

Cryptocurrency

HashKey Partners with Securities Firm to Offer Crypto Trading

25/07/2023

The partnership with Quam Securities and Longbridge Whale marks a “new chapter” for the adoption of virtual assets by brokers, HaskKey said.

Data Privacy

PBOC Proposes New Rules on Data Security Management

25/07/2023

China’s central bank releases draft rules on data security management, applicable to both domestic as well as foreign-funded financial institutions.

Fraud, Scams & Cybercrime

South Korea Seizes Assets from Crypto Lender Delio

25/07/2023

Prosecutors and the FSC seized “all company and customer assets, including Delio’s cold wallets and ledgers”.

PEPs & Sanctions

Ukraine Government Nationalises Russian-owned Sense Bank

25/07/2023

A bill was signed into law in June that allows Ukraine’s government to nationalise banks owned by sanctioned Russian actors

CBDCs

Banque de France Releases New Findings from CBDC Experiments

25/07/2023

Banque de France has determined that wholesale CBDC would improve cross-border payments, settlement finality, and security for a “vast range of financial assets”.

Credit Risk

UBS Penalised $388m Over Credit Suisse’s Archegos Failings

25/07/2023

US, UK, and Swiss regulators took coordinated action to punish the “unsafe and unsound” risk management practices at Credit Suisse.

Trading & Investment

Enhancements to Wealth Connect, Bond Connect Coming ‘Soon’

25/07/2023

Regulators to include more products in Wealth Connect and southbound Bond Connect, while allowing more investors to participate.

Payments & Settlements

China Issues Draft Rules to Boost Cross-Border Trade and Investment

25/07/2023

China’s foreign exchange regulator, SAFE, proposes draft rules to advance cross-border trade, calling for public input until 2 August 2023.