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.

Market Infrastructure

14 European Exchanges Join Forces to Develop Consolidated Tape

22/02/2023

The participating exchange groups include Deutsche Boerse Group, Euronext, Nasdaq, and SIX Group, as well as the local exchanges in  several European cities.

ESG / Sustainability

China to Create Framework for Mandatory ESG Disclosures

22/02/2023

Regulators may initially introduce the new ESG disclosure requirements on a “comply or explain” basis before transitioning to a fully mandatory framework.

AML / KYC

Singapore MHA to Amend Laws to Tackle Money Mules

22/02/2023

MHA is also looking to introduce new provisions and penalties to the CDSA  to make individuals more accountable and curb the abuse of Singpass.

Crypto / Digital Assets

Australian Crypto Exchange Reopens After FTX Loss

22/02/2023

Customers of Digital Surge are allowed to make deposits, withdrawals, and trade, months after AUD 33 million of its digital assets became locked up in FTX.

Fintech / Regtech

RBI Publishes Full List of Payment Aggregator Approvals

22/02/2023

This is the first time the RBI has published a list of entities that sought approval to act as online payment aggregators.

Korean Regulators to Target Unfair Terms in Financial Contracts

22/02/2023

The FSS and FTC called on financial firms to prevent unfair contractual terms, pledging to ramp up oversight to better protect consumers.