Anti-Money Laundering

NYDFS Ends Coinbase AML Probe With $100m Settlement

05/01/2023

The settlement includes a $50mn penalty and a commitment by Coinbase to invest a further $50mn in its compliance programme over the next two years.

Market Abuse

FSC Korea Reorganises Capital Market Fraud Investigation Unit

05/01/2023

The change will improve the efficiency and expertise available for conducting investigations into capital market frauds, the FSC said.

Capital Adequacy

CBIRC Approves Capital Raise by Ant’s Consumer Finance Unit

05/01/2023

The approval is being hailed as a “milestone” after Chinese regulators forced Ant Group to cancel its IPO in November 2020 and ordered it to restructure.

PEPs & Sanctions

OFAC Issues Initial Price Cap Guidance for Russian Petroleum Products

05/01/2023

The new price cap on petroleum products is due to take effect on 5 February 2023, alongside an EU ban on seaborne imports of refined products originating from Russia.

Tokenisation

Russia’s Sberbank Issues Gold-Backed Digital Financial Assets

04/01/2023

Gold-backed DFAs “may be a great alternative to investments amid de-dollarisation”, said Sber’s first deputy chairman, Alexander Vedyakhin.

Climate Risk

Taiwan Central Bank Unveils Plans for Addressing Climate Change

04/01/2023

The central bank will incorporate weather factors in economic forecast models, use monetary policy to promote sustainable finance, and invest in green bonds.

Fraud, Scams & Cybercrime

Korean Court Jails Former Crypto Execs for Running Ponzi Scheme

04/01/2023

Crypto exchange V Global promised to triple investments in six months, then used funds from new members to make payouts to existing members.

Trading & Investment

CSRC Proposes New Position Management Rules for Futures Market

04/01/2023

The proposed rules empower futures exchanges to impose position limits and reporting requirements on market participants. Position limit exemptions may be granted for hedging activities.

Anti-Money Laundering

Dutch Banks Start Charging Customers for AML Checks

04/01/2023

Companies, associations, charities and churches, among others, are being charged a monthly levy to cover the rising cost of AML checks.