AML / KYC

GLEIF Confirms Utility of Embedding LEI in eSeals

14/12/2022

In a PoC, GLEIF demonstrated that embedding LEIs in eSeals allowed Japanese and European entities to transact digitally with greater trust.

Enforcement

Singapore Jails Man for Exporting Beverages to North Korea

14/12/2022

The man, while working as a manager for Pokka International, sold beverages he knew would later be exported to North Korea for commercial trade.

Enforcement

ASIC Finds Product Governance Shortfalls by Small Credit Lenders

14/12/2022

TMDs issued by payday lenders and consumer leasing companies lacked detail in the descriptions of their products and target markets. Review triggers were also set too broadly.

Sanctions

China Files WTO Complaint Over Semiconductor Export Controls

14/12/2022

China is separately working on a CNY 1 trillion support package to expand domestic semiconductor production and research activities.

China, Hong Kong Set to Allow Quarantine Free Travel

14/12/2022

Travellers to Hong Kong will be allowed to visit restaurants and bars on arrival. Travellers to the Mainland will no longer have to quarantine.

Fintech / Regtech

HashKey, ZA International to Cooperate on Digital Assets

14/12/2022

The two groups will cooperate on digital assets, Web3 and DLT. ZA International recently unveiled plans to tokenise its ZA Coin.

Capital / Liquidity

CBIRC Issues Draft Rules on Country Risk Management

14/12/2022

The draft rules propose a unified standard for measuring country risk, as well as new provisioning requirements to align with new accounting standards.

Capital / Liquidity

ECB to Raise UniCredit Capital Requirement Due to Russia Risks

14/12/2022

UniCredit still has some cross-border exposure to Russia and operates in some markets that are reliant on disrupted supplies of natural gas.

Crypto / Digital Assets

SFC Issues Fresh Warning About Virtual Asset Risks

14/12/2022

The SFC warns that virtual asset platforms may on-lend customer assets or them in investment or other activities, which could potentially lead to a “total loss”.