G7 Announces Initiative to Counter Belt and Road Initiative

28/06/2022

The US plans to contribute USD 200 billion to the new initiative, while the rest of the G7 will contribute another USD 400 billion.

Crypto / Digital Assets

Shenzhen Authorities Issue Warning Against Crypto Speculation

28/06/2022

Domestic staff of overseas crypto exchanges and others engaging in crypto-related business will be investigated.

AML / KYC

Sanctions Force Russian Sovereign Debt Default

28/06/2022

Russia made USD 100 million in payments due on 27 May to Euroclear, but the funds were not delivered to investors due to sanctions.

Enforcement

SFC Fines CES Capital for Fund Management Failures

28/06/2022

CES Capital International failed to perform sufficient due diligence and monitoring of the underlying investments of two funds.

Securities / Derivatives

CBIRC Approves Goldman-ICBC Launch of Wealth Management JV

28/06/2022

Goldman Sachs ICBC Wealth Management, set up in May last year, becomes the fourth Sino-foreign wealth management JV approved to commence operations.

Capital / Liquidity

RBI to Require Banks to Use ECL Approach in Provisioning

28/06/2022

Banks were initially due to use the ECL approach to estimate and provision for credit losses from 1 April 2018, but the RBI had deferred implementation.

Fintech / Regtech

China Tightens Anti-Monopoly Rules to Improve Oversight

28/06/2022

The amendments seek to encourage innovation while also protecting fair competition in the market, incuding by raising penalties for monopolistic behaviour.

AML / KYC

AUSTRAC Updates Guidance on Reporting Cash Transactions

28/06/2022

When a customer makes multiple cash transactions of A$10,000 or more, each individual transaction is considered a separate and distinct designated service.

Capital / Liquidity

BIS Launches Yuan Liquidity Facility for Central Banks

28/06/2022

Central banks from China, Hong Kong, Singapore, Malaysia, Indonesia and Chile are creating a reserve pool to guard against market stresses.