AML / KYC

US Warns Against Inadvertent Hiring of DPRK IT Workers

19/05/2022

North Korean IT workers may try to obtain employment building crypto exchange platforms and then use the infrastructure to launder money and evade sanctions.

Fintech / Regtech

SEBI Seeks to Ban Celebs from Promoting, Endorsing Crypto

19/05/2022

SEBI suggested to a parliamentary committee that prominent public figures be barred from promoting or endorsing crypto products.

Market Infrastructure

HK PCPD Issues Guidance on Cross-border Data Transfers

19/05/2022

Recommended model contractual clauses are provided for scenarios where personal data is transferred across borders to another data user or to a data processor.

MAS Revises Notice on Unsecured Credit Facilities for Retail

19/05/2022

Banks should not increase credit limits if the total outstanding unsecured credit would exceed 6 times the borrower’s monthly income.

Enforcement

HK ICAC Charges Ex-Sunway Employee for Money Laundering

19/05/2022

A former personal assistant helped his boss to launder HKD 125 million borrowed from listed company Sunway International Holdings.

RBI Says Banks Can Continue to Label NBFC Loans as PSL

19/05/2022

Banks were allowed to classify lending to NBFCs as priority sector lending in September 2020, provided the funds were on-lent to priority sectors.

ESG / Sustainability

ASEAN+3 Ministers Pledge to Maintain Regional Stability

19/05/2022

The CMIM is being enhanced to allow ASEAN+3 members to use their own and each other’s local currencies for CMIM liquidity support.

Securities / Derivatives

China Signals End to Crackdown on Technology Companies

19/05/2022

Vice Premier Liu He suggested China will support the platform economy and improve its handling of relations with private companies.

Australia Considers Use of Super Savings to Buy Property

18/05/2022

The incumbent government’s Super Home Buyer Scheme, seen as a play for voters, is being cricitised by the superannuation industry.