AML / KYC

Korea FSS Completes Woori Bank Embezzlement Inspection

02/08/2022

The inspection found that the amount embezzled was more than originally reported, and the Woori had insufficient internal controls in place.

Big Picture

CPMI Explores Options, New Solutions to Increase PvP Adoption

02/08/2022

CPMI received “numerous promising proposals” for new solutions that may be capable of processing FX transactions that currently settle on a non-PvP basis.

Capital / Liquidity

CFTC Proposes Capital Comparability Determination for Japan

02/08/2022

Nonbank swap dealers domiciled in Japan would be able to satisfy certain US capital and financial reporting requirements by complying with comparable requirements in Japan.

US SEC Asks Firms to Detail Russia-Related Exposures – Report

01/08/2022

The SEC sought broad information from companies in May but is now asking for more specifics from some firms, including Citi.

ESG / Sustainability

Singapore to Launch Inaugural Sovereign Green Bond Sale

01/08/2022

Both institutional and retail investors will be able to apply to purchase the bonds, which will be launched via a book-building process this week.

Fintech / Regtech

Malaysia SC Proposes Technology Risk Management Rules

01/08/2022

The regulatory framework includes a set of principles for capital market entities to adopt in their use of AI/machine learning.

Securities / Derivatives

Shanghai, Shenzhen Bourses Revise Convertible Bond Rules

01/08/2022

New trading rules and self-regulatory guidelines are aimed at preventing excess speculation and promoting the development of the convertible bond market.

ESG / Sustainability

High Definition: Does Asia Need a Unified ESG Taxonomy?

01/08/2022

As countries move at different speeds towards developing their own standards, is this multiplicity an obstacle to a greener future?

Enforcement

FSC Fines Bank of Taiwan Over Embezzled Customer Funds

01/08/2022

The illegal behavior lasted nearly 10 years, affecting nine customers, five of which were seniors. The total amount involved was about TWD 84.5 million.