AML / KYC

HKMA Penalises Cathay United Bank for AML Deficiencies

25/09/2022

Besides CDD and EDD failures, the bank’s risk classification framework was “defective by design” and senior management oversight was “inadequate”.

Market Infrastructure

Japan Commences Holiday Trading in Derivatives Market

25/09/2022

Holiday trading is now allowed on Osaka Exchange and TOCOM – for index and commodity futures and options.

Securities / Derivatives

LME Faces More Lawsuits Over Cancelled Nickel Trades

25/09/2022

AQR Capital Management, DRW Commodities, Flow Traders, Capstone Investment Advisors and Winton Capital Management filed legal action against the LME.

Taiwan Approves Merger Between Financial Holding Companies

25/09/2022

The merger between Fubon Financial and Jih Sun Financial will be the first merger of financial holdings companies in Taiwan.

Crypto / Digital Assets

India to Finalise Stance on Crypto in Early 2023 – Reports

25/09/2022

The government plans to finalise its stance by February-March 2023, ahead of a May deadline to respond to the FATF.

Crypto / Digital Assets

Indonesia to Tighten Rules for Crypto Exchanges – Report

25/09/2022

Crypto exchanges will have to post Indonesian citizens resident in the country to at least two-thirds of their board seats.

Enforcement

Australian Court Fines AMP for ‘Fees for No Service’ Conduct

25/09/2022

The Federal Court said the conduct reflected “very poorly on the organisation culture” of AMP, fining its subsidiaries a total A$14.6mn.

AML / KYC

AMLC Philippines Issues Draft Rules for Anti-Human Trafficking Law

25/09/2022

Financial intermediaries will be required to monitor for and report financial activity and transactions suspected to be related to human trafficking.

RBI Issues New Standards for Compliance Function of UCBs

25/09/2022

Tier 4 UCBs and tier 3 urban cooperative banks are directed to appoint a chief compliance officer by 1 April 2023 and 1 October 2023, respectively.