AML / KYC

FinCEN Proposes Rules on Access to Beneficial Ownership Information

18/12/2022

The proposed rule also sets out requirements for institutions to have systems and controls to securely store beneficial ownership information and limit its access.

Fintech / Regtech

ACCC Fines ING for Breaching CDR Rules, Refuses iSignthis Accreditation

18/12/2022

The ACCC said ING Bank was not capable of receiving consumer data requests from accredited data recipients within the required timelines.

Enforcement

ASIC Takes First DDO Court Action Against Distributor

18/12/2022

The distributor cross-sold a non-guaranteed managed investment scheme to the same customers that bought guaranteed term deposits.

AML / KYC

NZ FMA Issues AML Warning Against Private Equity Firm

18/12/2022

The FMA said Pencarrow Private Equity failed to retain and make readily accessible identity and verification records for customers.

Market Infrastructure

US SEC Proposes Major Rule Changes to Improve Market Fairness

18/12/2022

The proposals include a new best execution regulatory framework, a new order competition rule, and requirements for brokers to provide better disclosures on execution quality.

Securities / Derivatives

Philippine Lawmakers Advance Bill to Establish Sovereign Fund

18/12/2022

Critics say the bill’s timing is poor due to the country’s lack of surplus funds, high national debt, large trade deficit, and other economic problems.

AML / KYC

HKMA Asks StanChart to Investigate Unauthorised Card Transactions

18/12/2022

Standard Chartered has said there is no evidence of a data leak, that it would arrange refunds, and that it has strengthened its monitoring systems in response.

Securities / Derivatives

RBI Lifts Restrictions on Offshore Rupee Trades by Banks

17/12/2022

Informal restrictions on rupee NDF trades in the offshore market were imposed in October to help defend a falling rupee.

Crypto / Digital Assets

BOK Seeks Legal Authority to Regulate Stablecoins

17/12/2022

BOK says stablecoins pegged to foreign currencies should be subject to foreign exchange laws, while those pegged to the Korean won should fall under the central bank’s regulatory remit.