AML / KYC

UK Court Hands Down Longest Ever Jail Terms for Money Laundering

02/01/2022

A Russian and Lithuanian were sentenced to 16 and 17 years in prison, respectively, for laundering £70mn over four years.

AML / KYC

Taiwan FSC Issues New Data Sharing Guidelines for FIs

02/01/2022

Data may be shared between FIs, subject to consent, if it can enhance customer convenience, improve operations, or facilitate cooperative business arrangements or partnerships.

AML / KYC

SFC Fines Grand International Futures for AML Breaches

02/01/2022

Grand International Futures did not conduct due diligence on customer supplied systems, resulting in thier use to create subaccounts and solicit investment from Mainland investors.

BSP to Enhance Bank Reporting of Credit, Equity Exposures

31/12/2021

Banks will pilot test the new submissions from February until May 2022, using data from the 30 June 2021 reporting period.

Securities / Derivatives

CFFEX Halves Settlement Fees in Financial Futures Markets

31/12/2021

Settlement fees for stock index futures and government bond futures will be halved in 2022. Further enhancements are planned in the year ahead.

HKMA Endorses Proposal to Better Protect Mortgage Borrowers

31/12/2021

The proposal will make use of electronic payments directly from bank to bank, rather than routing payments for large property transactions through law firms.

Australia to Ease Regulatory Requirements for Financial Advisers

30/12/2021

The government proposes to recognise on-the-job experience as meeting financial adviser education requirements. It will also review ways to simplify other compliance obligations.

HKMA Issues Guidance on Compliance with ‘Stay Rules’

30/12/2021

The HKMA may issue directions to banks or their holding companies if it believes non-compliance with the Stay Rules (including by a related company) may impede orderly resolution.

Fintech / Regtech

BOT to Delay Testing of Retail CBDC to Late 2022

30/12/2021

After discussions with relevant parties and careful consideration, Thailand will proceed slowly, said BOT deputy director Kasidit Tansanguan.