AML / KYC

GLEIF Sets Out Process for Validation Agent Trial Phase

07/03/2021

The goal of the Validation Agent role is to streamline the LEI issuance process by enabling FIs to directly liaise with LEI Issuers on clients’ behalf during onboarding.

AML / KYC

GFI Offers Recommendations on Advancing FinCEN Reforms

06/03/2021

Global Financial Integrity says money laundered from tax evasion and illicit funds entering the US financial system from overseas are estimated at $1tr.

Market Infrastructure

Japan Close to Decision on Lower Interbank Transfer Fees

06/03/2021

Interbank transfer fees have remained the same for over 40 years. A reduction in interbank EFT fees may be implemented as soon as October.

AML / KYC

SZSE Amends Bond Repo Rules to Enhance Security, Transparency

06/03/2021

The revised measures will require counterparties to display their identity information. Previously only the counterparty’s code was available for display.

Market Infrastructure

IBA Publishes Beta Version of ICE SONIA Indexes

05/03/2021

The ICE SONIA Indexes can be used to help calculate and process interest accruals from both a lender’s and borrower’s perspective.

AML / KYC

Malaysia Secures Settlement from Deloitte to Resolve 1MDB Claims

05/03/2021

Malaysia’s Finance Ministry is also negotiating a settlement with KPMG, which was replaced by Deloitte as auditor of 1MDB in 2013.

Market Infrastructure

Tokyo Exchange Obtains ESMA Recognition Under BMR

04/03/2021

A total of 192 benchmarks administered by the TSE are listed as in scope, including key benchmarks TOPIX and JPX-Nikkei Index 400, as well as their sub-indices.

Enforcement

Bursa Punishes RHB Representative for Unauthorised Trading

04/03/2021

The former representative committed the breaches for personal financial gain and attempted to conceal his misconduct from RHB Investment Bank’s management.

Enforcement

Taiwan FSC Penalises Brokers for Lax Security Controls

04/03/2021

Cathay Securities, Concord Securities and SinoPac Securities were fined the most and barred from certain business and capital raising activities for three months.