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.

AML / KYC

AUSTRAC Orders Bell Financial to Address AML Compliance Issues

17/02/2022

An external auditor has to be appointed to examine AML compliance at three entities within the Bell Financial Group.

China Empowers Auditors to Obtain Financial Information from FIs

16/02/2022

Audit firms can inquire with FIs about the accounts and deposits of entities and individuals under audit. FIs are required to provide assistance.

Enforcement

Advice Compensation Paid by Aussie Majors Tops A$3b

16/02/2022

As at end-2021, Australia’s major banks have paid or offered a total A$3.15 billion in compensation as a result of fees-for-no-service misconduct and non-compliant advice.

Market Infrastructure

Australia to Further Refine Foreign Investment Regime

16/02/2022

The government is seeking views on further refinements to the foreign investment framework to ensure it remains fit for purpose.