AML / KYC

GLEIF Unveils Free Tool to Automate ELF Code Assignment

08/11/2022

The machine learning tool can extract the legal form from unstructured text and automate the assignment of entity legal form codes.

Crypto / Digital Assets

Thai SEC: Revised IT Security Rules to Take Effect in July 2023

08/11/2022

The SEC has strengthened the obligations of capital markets and digital assets firms to supervise and manage the risks to their IT systems.

AML / KYC

UK Court Orders Glencore to Pay Over $300m for Africa Oil Bribes

08/11/2022

The SFO found that Glencore funnelled about $29mn worth of bribes between 2011 and 2016 to gain access to oil rights across Africa.

Capital / Liquidity

RBI Eases Requirements for Rural Banks to Offer Internet Banking

08/11/2022

The net worth requirement and net NPA eligibility criteria have been relaxed, to promote the spread of digital banking for customers in rural areas.

Enforcement

Federal Court Finds NAB Knowingly Overcharged Customers

08/11/2022

NAB became aware of the issue in January 2017 and did not stop overcharging customers until February 2019, court documents say.

HK Banks Offer ‘PAPT’ Option for Mortgage Refinance Transactions

08/11/2022

The PAPT is being introduced to address risks that could arise for residential mortgage customers if a law firm handling a transaction is suspended.

Securities / Derivatives

NYSE, IDX Agree to Cooperate on Product Development

08/11/2022

The New York and Indonesian exchange agreed to collaborate on product development, market promotion, and knowledge sharing.

Crypto / Digital Assets

US Agents Seized Over $3.3bn in Silk Road’s Bitcoin Last Year: DOJ

08/11/2022

Over 50,000 Bitcoin, stolen from online marketplace Silk Road in 2012, was seized in November 2021 and has since lost more than two-thirds of its value.

Crypto / Digital Assets

Bank of Korea Completes Second Stage of CBDC Experiments

08/11/2022

BOK tested the use of its CBDC system to purchase NFTs, perform cross-border remittances, fulfill seizure orders, and automate AML/CFT monitoring and STR filings.