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”.

Crypto / Digital Assets

Shanghai Data Exchange Opens New Board for NFT-Like Assets

27/08/2022

Digital assets that can be traded on the new board are “non-monetary assets” owned in digital form for cultural and creative purposes.

Securities / Derivatives

BOE Confirms Plans to Remove USD LIBOR Contracts from DCO

26/08/2022

The BOE will add SOFR overnight index swaps to the scope of contracts subject to the derivatives clearing obligation and remove USD LIBOR contracts in April 2023.

AML / KYC

Germany to Form New Federal Authority for Financial Crime

26/08/2022

Germany currently has more than 300 supervisors, an issue highlighted by the FATF in its latest mutual evaluation report on the country.

Market Infrastructure

US, China Nears Deal to Resolve Long-running Audit Dispute

26/08/2022

The CSRC has informed some accounting firms that US regulators may be visiting Hong Kong in September to inspect the audit records of US-listed Chinese companies.