Fintech / Regtech

PBOC Directs Banks to Enhance Lending Services for MSMEs

12/07/2021

Banks should also increase investment in inclusive fintech including big data, cloud computing and blockchain to improve loan efficiency, the PBOC said.

Fintech / Regtech

SFC, Canadian Regulators Establish Fintech Cooperation Agreement

12/07/2021

Under the agreement, the SFC and eight Canadian securities regulators will cooperate on information sharing and referrals between their innovation functions.

Securities / Derivatives

HKEX Establishes Mainland China Advisory Group

12/07/2021

The new Advisory Group will advise the HKEX board on the development of China’s financial markets and economy.

AML / KYC

Stablecoins Increasingly Used in Money Laundering, PBOC Says

12/07/2021

PBOC governor Fan Yifei says stablecoins are increasingly being used as a tool for illegal activities and money laundering.

Enforcement

Australian Court Set to Impose First Sentences Over Bad Audits

11/07/2021

EC Audit and its former director are the first auditors in Australia to face criminal prosecution for failure to comply with auditing standards.

AML / KYC

HK, Macau Police Arrest Break Up Romance Scam Syndicate

11/07/2021

The syndicate is said to have conned 10 local victims out of HKD 20 million and another seven out of HKD 1.5 million in Macau.

Enforcement

NZ FMA Cancels Fund Manager Licence for ‘Material’ Breaches

11/07/2021

Fund Managers Otago incorrectly calculated and disclosed returns in fund updates and entered into prohibited related party transactions, among other breaches.

Fintech / Regtech

Australian Treasury Proposes to Lower Barriers to CDR Participation

07/07/2021

Rule amendments include changes to reduce barriers to participate in open banking and increase participation in the CDR by data recipients and consumers.

Enforcement

SFC Bans Former Mason Securities Representative for 12 Months

07/07/2021

The licensed representative falsely declared that he provided risk disclosure statements to six clients when they opened accounts.