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.

ASIC Issues New Guidance on Product Design and Distribution

28/06/2022

ASIC has identified behavioural levers that can influence consumer outcomes and situational vulnerabilities that can amplify poor outcomes.

Market Infrastructure

US Lawmakers Conclude Review Into Meme Stock Market Event

28/06/2022

A House committee says the SEC should introduce a liquidity rule for clearing brokers and FINRA should establish liquidity planning requirements.

Crypto / Digital Assets

Japan’s Soramitsu to Study CBDC in Vietnam, Fiji, Philippines

27/06/2022

Japan’s METI has selected Soramitsu to conduct CBDC feasibility studies in other APAC countries, building on its work in Cambodia and Laos.

Securities / Derivatives

HKMA, SFC to Proceed With Changes to FSP List

27/06/2022

One new entity, Nomura Financial Products Europe GmbH, is being added to the FSP List under the OTC derivatives regime.

Enforcement

Korea FSS to Punish Illegal Business Lending by Savings Banks

27/06/2022

Restrictions on household loans appear to have caused an increase in loans to businesses from savings banks to fund housing purchases.

Fintech / Regtech

China Approves Plans to Strengthen Payments, Fintech Regulation

27/06/2022

The plan, approved by President Xi Jinping, calls for the “complete inclusion” of payments and other financial activities within regulations.

Crypto / Digital Assets

Chinese Courts Rule Sales Agreement Involving Crypto as Invalid

26/06/2022

The court said virtual currencies are not legal tender, referencing the 2017 declaration from the PBOC. A higher court upheld the ruling.