PEPs & Sanctions

Philippine AMLC Issues New Sanctions Screening Guidance

13/05/2023

An AMLC review found deficiencies including excessive manual processes, high false positives, and a lack of understanding of how sanctions screening systems operate.

Liquidity Risk

California Regulator Concludes Reviews into SVB Failure

13/05/2023

In the years leading up to SVB’s failure, DPFI identified deficiencies at the bank, but “did not take adequate steps” to ensure they were resolved quickly.

AI Risk & Governance

Key Committees in EU Parliament Vote to Adopt “AI Act”

13/05/2023

The rules are aimed at supporting AI innovation while also protecting rights, strengthening oversight, and ensuring mature governance and enforcement.

Cryptocurrency

Jane Street, Jump Crypto to Scale Down US Crypto Business

13/05/2023

Jane Street Group and Jump Crypto are the latest firms to scale down US operations, citing regulatory uncertainty.

Conduct, Culture & Accountability

NYDFS Proposes Guidance on ‘Character and Fitness’ Reviews

13/05/2023

Superintendent Adrienne Harris said character and fitness standards have become a “policy priority” in light of “recent events” in the industry.

Trading & Investment

EU Backtracks on Financial Advice Inducement Ban – Report

13/05/2023

The new plan is to limit the proposed ban on inducement payments to “execution-only” sales of investment products where no financial advice is delivered.

Custody & Infrastructure

StanChart to Launch Digital Asset Custody Services from Dubai

13/05/2023

The UAE has a “well-balanced approach” to digital assets, making it an “ideal first market” for the launch, said CEO Bill Winters.

Structural Regulation

PCAOB Publishes Findings from Audit Inspections of Chinese Firms

12/05/2023

The PCAOB said it found an “unacceptable rate” of deficiencies in the KPMG and PwC audits of US listed Chinese companies it reviewed last year.

Trading & Investment

SEBI Allows FPIs Direct Access to Commodity Derivatives Market

12/05/2023

Direct access will enable FPIs to have direct control over orders and implement better hedging and arbitrage strategies, SEBI said.