AML / KYC

OFAC Blocks Secondary Market Trading in Russian Debt, Equity

12/06/2022

To date, only the purchase of new issues has been prohibited, and trading in secondary markets has still been allowed.

AML / KYC

BNM Directs Banks to Enhance Fraud Risk Controls

12/06/2022

BNM will take supervisory and enforcement actions against banks that fail to protect their customers from fraud risk.

Enforcement

US Ruling Calls Into Question Key SEC Enforcement Mechanism

12/06/2022

The Fifth Circuit court ruled that the SEC’s use of in-house administrative law judges deprived the petitioners of the right to a jury trial.

Securities / Derivatives

FSC Korea to Improve Fairness of Accounting Review Process

12/06/2022

The review period will be limited to one year in principle, with the possibility of a six-month extension, to prevent accounting reviews from being prolonged.

Enforcement

Singapore Police Arrest Eight Involved in SMS Phishing Scams

10/06/2022

The scammers were arrested after more than SGD 60,000 was lost in SMS phishing scams targeting DBS customers.

HKMA Invites Global Banks to November Summit in Hong Kong

10/06/2022

The two-day summit is reportedly aimed at reversing an exodus of financial talent from Hong Kong after more than two years of Covid-19 measures.

Market Infrastructure

FSB, IMF Conclude Second G20 Data Gaps Initiative

09/06/2022

A third data gaps initiative has been proposed, to address data gaps relating to climate change, fintech and financial inclusion, among other things.

Enforcement

ASIC Sues Payday Lender Over ‘Prohibited’ Fees

09/06/2022

The case involves over 670,000 contracts entered into by Sunshine Loans that included an amendment or rescheduling fee that is not permitted.

Crypto / Digital Assets

BOE Publishes Primer Explaining Plans for Possible CBDC

09/06/2022

The BOE will seek views from the public later this year about the possible issuance of a CBDC in the “second half of the decade” at the earliest.