Cloud & Infrastructure

HKMA Announces New Fintech Development Strategy

09/06/2021

The “Fintech 2025” strategy seeks the comprehensive adoption of technology in the financial sector by 2025 through a focus on five key areas.

PEPs & Sanctions

China Steps Closer to Law to Protect Against US Sanctions

09/06/2021

A second draft of legislation aimed at countering US sanctions has reportedly been filed and is expected to be voted on soon.

Structural Regulation

HKEX, FRC to Strengthen Collaboration on Financial Reporting Quality

09/06/2021

A new MOU establishes a collaborative framework which will ultimately provide better investor protection through high quality financial reporting.

Structural Regulation

Standard-Setters Launch Plan to Improve Global Audit Quality

07/06/2021

Implementation of the plan will take three years and result in overall improvements to the international audit-related standard-setting system.

Anti-Money Laundering

Japan FSA Sets Hard Deadline for Full AML/CFT Compliance

07/06/2021

The FSA has directed FIs to formulate a plan that ensures full compliance with its AML/CFT guidelines by March 2024.

Credit Risk

Taiwan Raises Cap on SME Loan Package

07/06/2021

The cap on the special loan package for SMEs is being raised from TWD 300 billion to TWD 400 billion, with room for further increases if necessary.

Trading & Investment

SEBI Allows Foreign Funds to Transfer Securities to IFSC Off-Market

07/06/2021

Off-market transfers lower the costs associated with relocating funds to Gift City and make it a more attractive investment destination.

Anti-Money Laundering

BSP Orders Banks to Enhance STR Filing Processes

07/06/2021

Incorrect STR filings, as identified by the AMLC in a recent review, could downplay the risk and prioritisation of STRs, particularly when they involve high-risk crimes.

Conduct, Culture & Accountability

Hong Kong: Appeals Tribunal Overturns Ban Against UBS Banker

07/06/2021

The SFAT concluded that the former UBS banker cannot be held personally responsible for the failings of the China Metal Recycling transaction team.