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.

Market Infrastructure

HKEX to Roll Out New IPO Settlement Platform Next Year

06/07/2021

HKEX will proceed with the development of FINI for handling all Hong Kong IPOs, initially adopting a T+2 settlement cycle.

AML / KYC

FATF Urges Faster Implementation of Travel Rule in Crypto Sector

06/07/2021

Slow implementation of travel rule requirements is acting as a disincentive to VASPs to invest in the necessary technology and compliance infrastructure.

Securities / Derivatives

SC Malaysia Warns Unlisted Public Companies on Share Offerings

06/07/2021

When offering shares, unlisted public companies need to ensure that the prospective investor they approach is a sophisticated investor.