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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.
Securities / Derivatives
HK SPAC Regime Threatened by Lack of D&O Insurance – Report
17/02/2022
Few insurers in Hong Kong provide liability insurance for directors and officers of SPACs. Those that do charge premiums up to five times higher than for traditional IPOs.
Enforcement
HK Court Orders Illicit Insider Dealing Profits to Be Returned
17/02/2022
Illicit profits made from insider dealing in the shares of GEM-listed TeleEye Holdings in 2016 will be returned to 63 investors.
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