Fintech / Regtech

US DOJ Appoints First Director of National Crypto Enforcement Team

20/02/2022

The FBI has meanwhile created a new “Virtual Asset Exploitation Unit”, which will provide analysis, support, training and new tools to stay ahead of future crypto-related threats.

BSP Eases Confirmation Process for Bank Directors, Officers

20/02/2022

The amendments aim to limit the coverage of officers requiring confirmation for appointment and to streamline documentary requirements.

Enforcement

UK HMRC Seizes Three NFTs in Fraud Investigation

20/02/2022

Three people were arrested on suspicion of attempting to defraud HMRC using 250 fake companies. This is the first time a UK agency has seized NFTs.

Enforcement

FSC Korea Fines IBK and Fund Manager Over Mis-sold Funds

20/02/2022

Industrial Bank of Korea also has to suspend its private fund sales operations for 1 month. Discovery Asset Management and its CEO are suspended for 3 months.

Enforcement

FSA Issues Business Improvement Order to Mizuho, Again

18/02/2022

The business improvement order requires Mizuho and its parent to report to the FSA about the cause of another system failure which halted ATM operations on 11 February.

Big Picture

HKCERT Warns of Information Security Risks in 2022

18/02/2022

NFT and metaverse-related risks, and crypto account hacks and thefts, were cited as top information security risks for the first time.

AML / KYC

18 Crypto Exchanges Jointly Launch Travel Rule Solution

18/02/2022

The firms include BitGo, bitFlyer, Bittrex, BlockFi, Circle, Coinbase, Fidelity Digital Assets, Gemini, Kraken, and Robinhood, among others.

Fintech / Regtech

Indonesia Advances Local Currency Use in Cross-border Settlement

17/02/2022

Domestic banks will be able to access other Asian currencies via cross-currency repo and other collateralised transactions with Bank Indonesia.

Enforcement

US Agencies Probe Block Trading Practices at Banks, Hedge Funds

17/02/2022

The DOJ and SEC are reportedly examining whether banks may have improperly alerted hedge funds ahead of market-moving block trades.