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.

Enforcement

SEBI Bars Former Chief Dealer of Axis Mutual Fund and Others

05/03/2023

The former chief trader of Axis Mutual Fund is alleged to have conceived of a “fraudulent scheme” with other “unscrupulous entities” to front-run trades.

Australia Proposes Rules to Support New Foreign Ownership Register

05/03/2023

Proposed amendments prescribe the circumstances in which foreign investors must report certain interests and information for inclusion in the new Register.

BNM Proposes Fair Treatment Rules for Vulnerable Consumers

05/03/2023

BNM proposes to amend its Fair Treatment of Financial Consumers policy document to cover specific requirements on the treatment of vulnerable consumers.