Enforcement

ASIC Bans Director, Account Managers at FX Broker

21/03/2021

Clients were pressured to deposit funds into their trading accounts, engage in high-risk trading, and delay or cancel withdrawal requests.

AML / KYC

FCA Files Criminal Proceedings Against NatWest for AML Failures

19/03/2021

NatWest is facing criminal charges for not adequately monitoring and scrutinising large payments into a corporate client’s accounts.

Enforcement

SAFE Fines China Development Bank for Illegally Facilitating HNA Loan

19/03/2021

SAFE imposed a CNY 42.7 million fine on China’s biggest policy bank for illegally guaranteeing a loan to a company linked to HNA Group.

ESG / Sustainability

Absence of Term RFRs Could Impair Risk, Forecasting Functions

19/03/2021

Banking functions involving risk analytics and cash flow forecasting will need to change to accommodate risk-free rates, says Karen Moss at Moody’s Analytics.

Enforcement

New York Court Reinstates SIBOR Manipulation Lawsuit

19/03/2021

The case is being reinstated to allow Fund Liquidation Holdings LLC to pursue claims against 18 banks on behalf of two defunct funds that initially launched the lawsuit.

AML / KYC

US Sanctions 24 Officials Over Hong Kong Electoral Changes

19/03/2021

Foreign financial institutions that knowingly conduct significant transactions with the 24 individuals are subject to sanctions.

Enforcement

RBI Fines SBI For Noncompliant Commission Payments

18/03/2021

State Bank of India violated rules prohibiting banks from paying remuneration in the form of commission or a share of profits.

Crypto / Digital Assets

Australia to Expand Scope, Length of Fintech Select Committee

18/03/2021

The FinTech Select Committee’s mandate has been extended from an April deadline to October 2021. A report on its work programme is expected in April.

Securities / Derivatives

Vanguard Scraps Plans to Obtain China Mutual Fund Licence

18/03/2021

Vanguard says the mutual funds market is “fairly crowded” and that it would instead focus on a JV with Ant Group providing robo-advisory services to retail investors.