AML / KYC

FCA Investigating Barclays for KYC and AML Incidents

14/02/2023

The FCA reportedly directed Barclays to undergo an independent review due to concerns about a large volume of KYC and AML incidents.

Enforcement

Singapore Charges Former UOB Banker for Selling Fake Products

13/02/2023

The former personal banker induced a victim into transferring funds for investment in fixed deposits and financial products that were never made.

Market Infrastructure

CFIUS Confirms ‘Excepted Foreign State’ Status for UK, New Zealand

13/02/2023

UK and New Zealand investors do not have to undergo national security reviews for noncontrolling investments in the US.

Market Infrastructure

IAIS Consults on New Guidance for Policyholder Protection Schemes

13/02/2023

The paper describes current practices and is intended to serve as a guide for jurisdictions considering establishing a PPS or modifying an existing PPS.

Trust in Singapore Banks Increases for Second Year Running

13/02/2023

The ABS Culture and Conduct Steering Group will seek to further build trust by strengthening digital banking security and highlighting banking practices that may compromise consumers.

Capital / Liquidity

US Bank Stress Tests to Feature New ‘Exploratory Market Shock’

13/02/2023

The ‘exploratory market shock’ will be an additional component of the 2023 stress test, applied to the trading books of the eight largest US banks.

Fintech / Regtech

HSBC Launches Multicurrency Payment Platform for E-Commerce

13/02/2023

The platform allows e-commerce businesses in Hong Kong to receive payments from overseas customers in six currencies within minutes.

US Blacklists Six Chinese Entities Over Alleged Spy Balloons

13/02/2023

The economic restrictions will make it more difficult for the five companies and one research institute to obtain US technology exports.

Capital / Liquidity

China Tightens Risk Classification Rules for Banks’ Financial Assets

13/02/2023

Banks must classify “all financial assets that bear credit risk” according to the degree of risk, including bond investments, interbank assets, receivables, and off-balance-sheet assets.