AML / KYC

US SEC Fines Wells Fargo Advisors $7m for AML Failures

24/05/2022

Wells Fargo Advisors was fined for failing to timely file 34 SARs. This is the second BSA action against the firm in the last five years.

Securities / Derivatives

Malaysia SC, Labuan FSA to Enhance Supervisory Cooperation

24/05/2022

The MOU will enable the SC and FSA to strengthen collaboration in areas such as risk monitoring and promote capital market stability.

Securities / Derivatives

China Stock Exchanges Formally Launch ‘Innovation Bonds’

24/05/2022

The stock exchanges have already been allowing the issuance of ‘innovation bonds’ on a pilot basis. The initiative has now been formally launched.

Big Picture

NGFS Issues Reports on Climate-related Risks and Ratings

24/05/2022

Two new reports shed light on the extent to which climate risks are taken into account by FIs and affect credit ratings.

Securities / Derivatives

ISDA Offers Derivatives Policy Guidance to Emerging Markets

23/05/2022

ISDA’s paper offers a framework for emerging and developing market policymakers seeking to transpose global standards for derivatives markets in local rule sets.

Enforcement

US SEC Probes Use of Text Messaging by Major Banks

23/05/2022

The probe is reportedly aimed at gauging how pervasive the use of unauthorised messaging platforms is for business-related messages.

Securities / Derivatives

Sustainable Exchanges Partnership Increases Emerging Markets Focus

23/05/2022

UN SSE and IFC will work to advance gender equality and support the adoption and implementation of sustainable finance products.

Fintech / Regtech

Singapore Court Issues Injunction Preventing Sale of NFT

23/05/2022

The injunction is said to be the world’s first court-ordered freeze on the potential sale and ownership transfer of an NFT.

Enforcement

MAS Charges Two Insurance Agents for Falsifying Documents

23/05/2022

Two insurance agents of Prudential Assurance Company Singapore provided false information to MAS in relation to an investigation it was pursuing.