Enforcement

HKMA Fines Commerzbank for CDD & PEP Screening Failures

29/08/2022

The HKMA found control lapses in onboarding due diligence as well as ineffective procedures for determining whether beneficial owners were PEPs.

China’s SAFE Warns Banks Against Aggressive Yuan Selling – Report

29/08/2022

SAFE reportedly phoned several banks last week to warn them against aggressively selling the yuan, which has recently hit a 2-year low against the dollar.

Australia to Simply Corporations and Financial Services Law

28/08/2022

Legislative amendments released for consultation are based on recommendations issued by the Australian Law Reform Commission late last year.

Securities / Derivatives

ICE to Launch UK Carbon Allowance Options in October

28/08/2022

UK Carbon Options will provide a new tool for managing carbon emissions price risk, building upon the launch of UK carbon allowance futures in May 2021.

AML / KYC

US Lawmaker Seeks Clarity on Tornado Cash Sanctions

28/08/2022

US Congressman Tom Emmer says the designations against Tornado Cash wallet addresses are a “divergence from previous OFAC precedent”.

Capital / Liquidity

NZ Government Takes Direct Ownership of Kiwibank

28/08/2022

The government pledged to support Kiwibank, New Zealand’s fifth-largest retail bank, to become a “genuine competitor in the banking industry”.

ESG / Sustainability

Global Banks Worry of Extraterritoriality in EU’s CSRD – Report

28/08/2022

CSRD is “off-putting” for banks’ clients, as it would subject foreign companies to the full set of rules if they list even a single instrument in the EU.

Big Picture

Better Governance Needed to Promote Bank Soundness: RBI

28/08/2022

A new study suggests public sector banks may need greater autonomy to improve their governance structures.

AML / KYC

BSP Calls for ‘Limited Amendment’ to Bank Secrecy Law

27/08/2022

BSP senior assistant governor Elmore Capule told a Senate Committee the BSP is looking for a “limited relaxation of the bank secrecy laws”.