AML / KYC

Westpac Fined in Hong Kong Over Delayed Customer Reviews

31/01/2023

Out of 143 customers who were subject to periodic reviews between June 2016 and May 2017, there were delays in 121 customers – of which 58 were of high risk.

Sanctions

Australia’s Autonomous Sanctions Framework to Undergo Review

31/01/2023

The review will consider whether Australia’s Autonomous Sanctions Regulations and its associated instruments remain fit for purpose and how they can be made more efficient.

Crypto / Digital Assets

Bankman-Fried Lawyers Request Access to Crypto Held by FTX

31/01/2023

The DOJ asked for a communications ban against Bankman-Fried as an additional bail condition. Last week, a 116-page list of the FTX’s creditors was filed to the bankruptcy court.

AML / KYC

Korea Justice Ministry to Start Tracking Crypto Transactions

31/01/2023

The “Virtual Currency Tracking System” will be launched as part of a new cloud system that will allow other agencies to leverage prosecutors’ investigative and forensics expertise.

Crypto / Digital Assets

US Fed Refuses Application by Crypto-focused Custodia Bank

31/01/2023

The Fed Board considers that Custodia’s business model and proposed focus on crypto-assets presented “significant safety and soundness risks”.

Enforcement

Korea Probes Price Manipulation via Crypto Exchange Bithumb

31/01/2023

Bithumb offices were raided last week. The crypto exchange is not accused of misconduct, though it is under a separate probe for possible tax evasion.

Enforcement

UPDATED – Citadel Securities Fined in Korea for ‘Disrupting Market Order’

31/01/2023

The case was the first in which the FSC imposed a penalty for market order disruptions as a result of high-frequency algorithmic trading.

Crypto / Digital Assets

Moody’s is Developing a Scoring System for Stablecoins – Report

31/01/2023

The project, still in the early stages of development, will produce scores for up to 20 stablecoins based on reserve attestation quality.

ESG / Sustainability

PBOC Extends Re-Lending Facilities to Support Green Transition

31/01/2023

Foreign-funded FIs will be allowed to use a re-lending facility designed to support carbon emission reductions. The facility is extended until end-2024.