AML / KYC

OFAC Fines Bank of China UK for Sudan Sanctions Breach

01/09/2021

BOC UK’s internal customer database did not include reference to Sudan in the name or address fields of two customers despite knowledge of their location.

Securities / Derivatives

BlackRock Launches First Retail Fund Through New China Unit

01/09/2021

The fund will be distributed by three Chinese lenders. BlackRock plans to roll out passively-managed funds in China in the future as well.

AML / KYC

New Zealand Court Penalises TBS Bank for AML Breaches

31/08/2021

The court action against TSB Bank was the first civil proceedings brought by the RBNZ under the AML/CFT Act.

Market Infrastructure

India Financial Reporting Authority Seeks Auditor Oversight Powers

31/08/2021

The National Financial Reporting Authority is preparing a draft bill to propose to the government that will grant it greater financial autonomy and broader regulatory powers.

Enforcement

Seoul Court Rules Against FSS in DLF Mis-selling Case

31/08/2021

An FSS decision to ban Woori Financial Group Chairman Son Tae-seung from the financial industry for three years is effectively nullified.

Australian Govt Freezes ASIC Levy for Financial Advisers

31/08/2021

Treasury will  review the ASIC Industry Funding Model to ensure it remains fit for purpose amid structural changes taking place in the advice industry.

Enforcement

US SEC, BaFin Probe DWS Over ESG Investment – Reports

30/08/2021

The former global head of sustainability at DWS alleges that the firm overstated how many assets had been screened against ESG criteria.

Securities / Derivatives

China: Banks Asked to Comply with New WMP Rules Faster

30/08/2021

Banks are asked to start valuing newly invested fixed-term open-ended WMP assets based on market value starting from 1 September.

Fintech / Regtech

MAS Announces Finalists for Global CBDC Challenge

30/08/2021

The finalists include ANZ, Citibank, Consensys, HSBC, IBM, Soramitsu, Standard Chartered, among others. They will progress to an eight-week Acceleration Phase to further develop and refine their solutions.