Enforcement

Korea FSS Expands Banking Industry Probe into FX Trading

06/07/2022

The probe was prompted by abnormal trading activity at Woori and Shinhan Bank. Other banks have been asked to conduct internal inspections.

Securities / Derivatives

UK to Codify Tax Exemptions for Sovereign Investors into Law

05/07/2022

The proposals seek to ensure the tax exemptions provided to sovereign investors are more targeted towards investment rather than trading income.

Fintech / Regtech

AUSTRAC Issues Update on Reporting System Enhancements

05/07/2022

AUSTRAC has commenced development of a new CRM platform which will enable it develop enhanced self-service capabilities in AUSTRAC Online.

Market Infrastructure

ASX Responds on Tranche 3 Rule Changes for CHESS Replacement

05/07/2022

The rule amendments will be subject to regulatory approvals. ASX proposes to lodge the combined rules package with ASIC in Q4 of calendar year 2022.

Fintech / Regtech

MAS Assesses Fairness of FIs’ Use of AI/Machine Learning

05/07/2022

MAS conducted a thematic review on selected FIs’ implementation of Fairness Principles in their use of AI/machine learning.

Crypto / Digital Assets

MAS Mulls New Restrictions on Retail Investment in Crypto

05/07/2022

New measures may include placing limits on retail participation, and introducing new rules on the use of leverage in crypto transactions.

Capital / Liquidity

Korea Regulators Announce Measures to Ease Market Volatility

05/07/2022

Securities firms will be exempt from a requirement to hold collateral worth at least 140 percent of the value of each stock purchase to provide credit to customers.

AML / KYC

BSP Reiterates Calls for FIs to Enhance Anti-Fraud Measures 

05/07/2022

The BSP has vowed to intensify monitoring and surveillance of the financial industry to ensure they “remain responsive to emerging risks”.

AML / KYC

US Bill Set to Bring Gatekeepers into Scope of AML Rules

05/07/2022

The Enablers Act would require financial advisers, lawyers, art and antiquities traders to perform due diligence on their clients and file SARs.