Enforcement

Singapore Court Upholds Convictions of Russian, Singapore Nationals

08/04/2022

The two men served as resident directors for companies, declaring themselves rather than their Russian clients as the beneficial owners.

Enforcement

Westpac Penalised in Consumer Credit Insurance Mis-selling Case

08/04/2022

Westpac issued consumer credit insurance policies to customers who did not request the product, then asserted a right to payment which customers were not liable for.

Fintech / Regtech

European Commission Launches Targeted Consultation on Digital Euro

07/04/2022

The consultation seeks views on the application of AML/CFT rules, privacy and data protection, and financial stability impacts, among other areas.

Fintech / Regtech

Thai Crypto Firms Required to Issue Transaction Reports to Clients

07/04/2022

From 1 May, crypto businesses have to submit reports to customers within one day after a transaction is complete, allowing them to view records going back 18 months.

Securities / Derivatives

ECB Refuses Energy Traders’ Request for Emergency Liquidity

07/04/2022

The European Federation of Energy Traders had asked for a fund that could provide emergency liquidity support to support the functioning of energy markets.

AML / KYC

Singapore Jails Man for Money Laundering, Email Fraud

07/04/2022

The man received funds in his and his company’s bank accounts that were derived from chearing offences perpetrated overseas and locally.

Capital / Liquidity

EU Banks Seek Easing of Proposed Rules for Third Country Banks

07/04/2022

Banks are reportedly concerned that measures proposed in October will make it harder to access international markets and cross-border services.

Securities / Derivatives

SEBI Raises Limit for Equity Investments via UPI Mechanism

07/04/2022

The limit for individual investors applying in public issues of equity shares and convertibles using the UPI mechanism is being increased.

Big Picture

Financial Institutions Underestimating Climate Risk: IPCC Report

07/04/2022

Transparency alone is insufficient to drive the required asset reallocation in the absence of clear regulatory frameworks, the report says.