AML / KYC

OFAC Issues Sanctions Guidance for Crypto Sector

17/10/2021

OFAC expects virtual currency operators to identify and block IP addresses that originate in sanctioned jurisdictions, including via VPNs.

Fintech / Regtech

BOJ Seeks Simple CBDC Design That Promotes Competition

17/10/2021

While the BOJ still has no plan to issue CBDC, the inability to ensure interoperability with other countries could create issues for Japan.

Fintech / Regtech

ICMA Launches Initiative to Standardise Repo Documentation

17/10/2021

ICMA will work to develop an industry-wide taxonomy and clause library for repo trade documentation to improve efficiency in debt markets.

Korea Eases Loan Restrictions to Accommodate Home Rentals

17/10/2021

New household loans issued to pay for jeonse deposits in Q4 2021 will not count toward the government’s 6 percent loan growth target for the year.

Fintech / Regtech

Tokyo Offers Subsidies to Foreign Firms in Green Finance

17/10/2021

The subsidies are available to foreign asset management and fintech companies working in the field of green finance who wish to start new businesses in Tokyo.

Securities / Derivatives

S. Korea Cabinet Approves Measures to Enhance ABS Market

15/10/2021

The revisions abolish requirements that only allow companies with BB ratings or above to issue ABS. Businesses will also be able to securitise future assets and intellectual property rights.

Malaysia Announces Relief for Low Income Borrowers

15/10/2021

Lower income borrowers can access interest exemptions for three months, smaller loan instalments for up to 24 months, and lower interest rates.

Enforcement

CBIRC Fines Privately Owned Banks Over Poor Risk Controls

15/10/2021

The fine against Chongqing Fumin Bank was the largest ever against a privately owned bank. Two others were also penalised.

Market Infrastructure

APRA Concludes Pilot Risk Culture Survey With 10 Insurers

15/10/2021

Based on responses from almost 7,200 insurance employees, APRA found some of the lowest scores in risk governance and controls.