AML / KYC

AUSTRAC Publishes Guidance on Geographical Link Test

21/10/2021

The geographical link test helps firms that provide designated services determine whether they have AML/CTF obligations in Australia.

RBNZ Reviews Policy for Branches of Overseas Banks

21/10/2021

The RBNZ says there are inherent limitations on its ability to apply its regulatory standards to all branches and to supervise them effectively.

Securities / Derivatives

ISLA Publishes Clause Library, Taxonomy for Securities Lending

21/10/2021

ISLA collated clauses and variants used with master agreements and identified how firms configure and add to the standard provisions to create a set of common clauses.

Market Infrastructure

FSB Seek Global Harmonisation in Cyber Incident Reporting

20/10/2021

The FSB will promote convergence in cyber incident reporting by developing best practices, defining information to be shared, and creating common terminologies.

AML / KYC

Credit Suisse Settles Charges Over Mozambique ‘Secret Debt’

20/10/2021

Transactions that raised over $1bn were used to “perpetrate a hidden debt scheme”, pay kickbacks to investment bankers, and bribe government officials.

Market Infrastructure

LCH Expands Eligible Collateral to Include SGD Securities

20/10/2021

LCH says accepting SGD collateral will be an important tool for improving liquidity management and optimising margin costs.

AML / KYC

India, US Pledge to Take Stronger Action Against Financial Crime

20/10/2021

Indian finance minister Nirmala Sitharaman and US treasury secretary Janet Yellen also pledged to further engage on climate change.

Enforcement

Australian Court Fines Colonial First State for Misleading Members

19/10/2021

The court said Colonial First State Investments engaged in a 26-month “concerted campaign” that sought to take advantage of members.

FMA Sets Target Dates for Financial Advice Licensing

19/10/2021

Transitional licences under the new financial advice regime will expire on 16 March 2023. Providers are asked to apply for full licences ahead of time.