Enforcement

SFC Permanently Bans Ex-HSBC Employee Over Bribery Convictions

02/03/2022

The former vice president accepted gifts as inducements to handle credit applications and maintain the credit facilities for two companies controlled by a client.

AML / KYC

China Supreme Court Makes Crypto Fundraising a Criminal Offence

02/03/2022

Fundraising that exceeds CNY 50 million, or losses involving at CNY 25 million or 5,000 people, could result in more than 10 years in prison.

Securities / Derivatives

SFC, HKMA Launch Joint Review of Investment Product Selling Practices

02/03/2022

The review’s objectives are to assess intermediaries’ compliance with requirements to perform product due diligence, conduct suitability assessments and provide information to clients.

Capital / Liquidity

Bangladesh to Extend Deposit Protection to NBFIs

01/03/2022

Currently only bank depositors are protected and customers of other types of deposit-taking financial institutions are not covered.

Fintech / Regtech

FSC Korea Issues Guidelines on Mobile Bank Apps

01/03/2022

Banks are expected to introduce updated versions of their mobile applications to make them more “senior friendly” by the first half of 2023.

ESG / Sustainability

UK, Singapore Bolster Cooperation on Data Flows, Financial Services

01/03/2022

The UKSDEA promotes free flows of data between the UK and Singapore including in financial services. Both countries will work towards recognising each other’s digital identity systems.

Capital / Liquidity

MAS Introduces Liquidity Requirement for Recognised Market Operators

01/03/2022

Effective from 28 March, RMOs will have to hold at least 25 percent of their annual operating costs in cash and cash equivalents.

Capital / Liquidity

RBNZ Launches First Consultation Reviewing Liquidity Policy

01/03/2022

The paper asks for initial views on whether the RBNZ should consider adopting the BCBS liquidity framework, and whether its proposed principles for the review are appropriate.

AML / KYC

AUSTRAC Launches Federal Court Proceedings Against Crown Casinos

01/03/2022

Crown Melbourne and Crown Perth failed to assess ML/TF risk, carry out appropriate due diligence on customers, and establish a transaction monitoring programme.