AML / KYC

BNM Issues Draft Rules on Using e-KYC Solutions for Onboarding

24/02/2023

BNM encourages the use of e-KYC solutions that leverage AI, machine learning or other forms of predictive algorithms to ensure accurate identification and verification.

Market Infrastructure

FSB, CPMI Seek Nominations for Cross-border Payments Task Forces

24/02/2023

The FSB and CPMI are inviting firms to nominate senior representatives to two separate task forces that will focus on enhancing cross-border payments.

Securities / Derivatives

MAS Finalises New Corporate Finance Due Diligence Standards

24/02/2023

From 1 October 2023, corporate finance advisers will have to meet new minimum standards when conducting due diligence on transactions.

Market Infrastructure

DSB Announces Launch Dates for UPI Service

24/02/2023

The UPI UAT environment and a client onboarding and support platform will be available from 17 April, and the UPI production environment from 16 October.

Fintech / Regtech

Deutsche Bank Develops Investment Servicing Platform for Digital Funds

23/02/2023

The platform will make it easier for firms to launch and administer digital investment funds, which may comprise crypto, tokenised securities and other digital assets.

Securities / Derivatives

China Encourages Establishment of Property-focused PE Funds

22/02/2023

The pilot programme is aimed at boosting liquidity in the property sector. The CSRC is encouraging participation from foreign investors.

Securities / Derivatives

Chinese SOEs Being Asked to Stop Using Big Four Auditors

22/02/2023

Chinese SOEs are being asked to allow their contracts with the big four audit firms to expire and use local accountants instead.

AML / KYC

AUSTRAC Accepts Enforceable Undertaking from Cash Converters

22/02/2023

The personal finance company’s AML/CTF programme was not properly implemented and did not include sufficient details on transaction monitoring and CDD.

Enforcement

Wells Fargo, HSBC Drawn into SEC Whatsapp Probe

22/02/2023

Wells Fargo said regulators are investigating its compliance with records-retention requirements. HSBC said it is close to a settlement with regulators.