AML / KYC

Malaysia Secures Settlement from AmBank to Resolve 1MDB Claims

01/03/2021

AmBank was used by former prime minister Najib Razak to receive billions of ringgit linked to a 1MDB unit between 2014 and 2015.

Sanctions

NYSE Announces Decision to Delist Chinese Oil Major CNOOC

01/03/2021

The decision was made in light of Executive Order 13959, which was signed in November, and updated guidance provided by OFAC in January.

Crypto / Digital Assets

IOSCO Publishes Work Programme for 2021-2022

28/02/2021

New priorities will be to address the risks of NBFI activities and risks exacerbated by the Covid-19 pandemic such as misconduct, fraud and operational resilience.

Enforcement

FSC Korea Fines Ten Foreign Firms for Short Selling Violations

28/02/2021

The FSC did not name the firms that were penalised, but said the highest fine was KRW 180 million against a firm that committed four violations.

Enforcement

CSRC Issues Warning Letters to Audit, Asset Appraisal Firms

28/02/2021

Warning letters have been issued to 8 audit firms, 28 certified public accountants, 6 assessment agencies, 27 asset appraisers and 6 practitioners.

Market Infrastructure

Philippines to Establish Facility for Catastrophe Risk Sharing

28/02/2021

Domestic insurers that provide catastrophe risk coverage currently reinsure their risks overseas. The new facility will enable insurers to pool risk and resources domestically.

India Allows Private Banks to Conduct Government Business

28/02/2021

Since 2012, payments for tax, pensions and other government business have largely been channelled through public sector banks.

Capital / Liquidity

RBI Exempts Foreign Sovereign Exposure from LEX Framework

27/02/2021

Exposures to foreign sovereigns or their central banks that are subject to a zero percent risk weight will be exempted from the large exposures framework.

Fintech / Regtech

FSC Korea Issues ‘MyData Services’ Guidelines Ahead of August Launch

27/02/2021

The guidelines require participating firms to ensure consumers have sufficient awareness of their privacy rights when consenting to data transfers.