AML / KYC

EU Adds Four Countries to List of Uncooperative Tax Jurisdictions

15/02/2023

BVI, Costa Rica, Marshall Islands and Russia were added to the list. Hong Kong and Malaysia were granted an extension to complete reforms.

Market Infrastructure

SEBI Enhances Regulatory Obligations for Important Stock Brokers

14/02/2023

SEBI will designate certain stockbrokers as ‘qualified stock brokers’ and require them to meet enhanced obligations and responsibilities.

Korea to Scrap Mortgage Loan Restrictions on 2 March

14/02/2023

Restrictions are relaxed for multi-homeowners, property rental and trading businesses, and ordinary homebuyers to boost real estate demand.

Fintech / Regtech

CSRC Releases Four New Standards for Securities Industry

14/02/2023

The standards include new penetrating testing guidelines which the CSRC says will strengthen the security of information systems in the industry.

Big Picture

ECB Concerned with Russia Exposures, Bad Debt Risks

14/02/2023

The ECB says it would welcome more exits from Russia by eurozone banks, and that higher borrowing costs could lead to a build-up of bad loans.

Market Infrastructure

Japan, EU Establish Cooperation Framework on Insurance Supervision

14/02/2023

The cooperation framework promotes mutual understanding, exchange of information and technical assistance between the FSA and EIOPA.

AML / KYC

FCA Investigating Barclays for KYC and AML Incidents

14/02/2023

The FCA reportedly directed Barclays to undergo an independent review due to concerns about a large volume of KYC and AML incidents.

Enforcement

Singapore Charges Former UOB Banker for Selling Fake Products

13/02/2023

The former personal banker induced a victim into transferring funds for investment in fixed deposits and financial products that were never made.

Market Infrastructure

CFIUS Confirms ‘Excepted Foreign State’ Status for UK, New Zealand

13/02/2023

UK and New Zealand investors do not have to undergo national security reviews for noncontrolling investments in the US.