Anti-Money Laundering

Philippine May Pass Bank Secrecy Law Amendments Next Month

20/10/2022

The amendments will allow the BSP to look into deposit accounts for inquiries into fraud, serious irregularity, and unlawful activity.

Structural Regulation

CFTC Issues No-Action Relief for Korean Stock Indices

20/10/2022

The relief will continue until the affirmation, termination or denial of the request for CFTC certification, or 24 April 2023 – whichever is earlier.

Structural Regulation

Bursa Malaysia Proposes to Extend Waqf Framework to REITs, ETFs

20/10/2022

The proposed amendments are meant to complement SC initiatives to broaden the range of Islamic products available in the capital market, Bursa Malaysia says.

Cybersecurity

Singapore Establishes Inter-agency Taskforce on Ransomware

20/10/2022

The Counter Ransomware Task Force comprises senior government representatives from the technology, cybersecurity, financial regulation and law enforcement domains.

PEPs & Sanctions

EU to Sanction Iran Over Drone Sales to Russia

20/10/2022

The EU has just imposed sanctions over the way protests in Iran are being handled. The drone transfers to Russia are considered a violation of a UNSC resolution.

Structural Regulation

Australia: Industry Body Launches BNPL Code Review

19/10/2022

The review was launched six months early in response to feedback from stakeholders. The findings are due to be reported by 1 March 2023.

Payments & Settlements

Korea Warns Against Direct FX Transactions Between Individuals

19/10/2022

Any foreign currency transactions worth more than KRW 5,000 has to be reported to the central bank, or face penalties for violating Korea’s foreign exchange laws.

Fraud, Scams & Cybercrime

Philippines to Curb Scams by Requiring ID Registration for SIM Cards

19/10/2022

Telcos are required to collect customer ID information when selling SIM cards. The law is aimed at curbing the spread of spam text messages and scams.

Cloud & Infrastructure

India Launches Digital Banking Units to Advance Financial Inclusion

19/10/2022

The units were established by 24 banks to house digital infrastructure for the delivery of digital banking products and services in self-service and assisted mode.