Market Infrastructure

Hong Kong Gazettes Bill for New Company Re-domiciliation Regime

29/12/2024

The Bill to introduce the new company re-domiciliation regime will be introduced into the LegCo for first reading on 8 January 2025.

Sanctions

US Commerce Dept Fines Materials Supplier for Exports to Russia

29/12/2024

Indium shipped solder materials used in electronics manufacturing to Russia on 11 occasions between April 2022 and March 2023

Sanctions

EU Preparing Sanctions Over Attack on Undersea Power Cable

29/12/2024

Separately, Russia has declared a federal state of emergency in response to the ongoing oil spill in the Black Sea.

AML / KYC

OCC Issues Order Requiring BofA to Fix AML Deficiencies

28/12/2024

The order requires BofA to obtain OCC approval to launch new products or services that present high money laundering or sanctions risk.

Enforcement

1MDB Files Suit Against Corporate Service Provider Amicorp

28/12/2024

1MDB alleges HK-headquartered Amicorp used shell companies and fraudulent financial structures to facilitate the misappropriation of assets.

AML / KYC

AUSTRAC Publishes Unofficial “Future” Version of AML Act

28/12/2024

The document does not have legal effect but aims to help reporting entities understand the effect of the amendments passed in November.

Enforcement

SFC Imposes Fine and Lifetime Ban Against Fund Manager

28/12/2024

The SFC said the former fund manager’s removal from the industry is “necessary to protect the investing public”.

Crypto / Digital Assets

Thailand Grants Second Digital Asset Custodian Licence

28/12/2024

The digital asset custodian licence was granted to Rakkar, part of SCBX Group’s venture capital arm.

ESG / Sustainability

SEBI Defers Key ESG Reporting Deadline by One Year

28/12/2024

The BRSR Core reporting deadline is deferred by one year until fiscal year 2025-2026 for value chain disclosures and assurance.