Enforcement

Hong Kong Court Convicts Former Fulbright Securities AE

17/10/2022

The former account executive, banned for life in 2017, pleaded guilty to employing a fraudulent scheme involving securities transactions in eight stocks.

AML / KYC

FCA Fines UK Challenger Bank for Weak AML Controls

17/10/2022

Gatehouse Bank failed to perform appropriate checks on customers based in high-risk countries and customers that were classified as PEPs.

AML / KYC

Thailand Creates Working Group to Tackle Social Media Scams

16/10/2022

Facebook accounts will be tracked and websites will be blocked if they are found to be promoting fraudulent investment schemes or raising funds illegally.

Crypto / Digital Assets

China Blocks 13 Crypto Apps Found to be Locally Accessible

16/10/2022

13 mobile apps for crypto trading that were still accessible in China have been removed from app stores at the direction of a Beijing court.

Capital / Liquidity

RBI Revises Rules for Asset Reconstruction Companies

16/10/2022

Under the new framework, ARCs can act as resolution applicants under the Insolvency and Bankruptcy Code.

AML / KYC

Singapore: SMS Sender ID Registration to Become Mandatory

15/10/2022

All non-registered SMS sender IDs after 31 Jan 2023 will be channelled to a sender ID with the header “Likely-SCAM”.

Fintech / Regtech

Thai SEC Launches New E-Licensing Services Pilot

15/10/2022

The services will initially allow online submissions of applications for two types of licenses. Full e-licensing services will launch in Q1 2023.

Capital / Liquidity

RBI Directs Banks to Treat Certain Rated Exposures as Unrated

15/10/2022

Banks must treat corporate and NBFC exposures as if they were unrated if the lenders’ details are not disclosed in rating actions.

Crypto / Digital Assets

Thai SEC Orders Bitkub to Fix Standards of Native Token

15/10/2022

The SEC says KUB Coin’s so-called “adminTransfer” function could be used by attackers to transfer digital assets from any wallet.