AML / KYC

PBOC Revises AML Rules to Enhance Supervisory Scope

02/01/2021

With continuous innovation in the financial sector and the emergence of new types of financial businesses, it is necessary to improve the scope of AML supervision, the PBOC says.

Enforcement

Cathay United Bank Penalised Over Misappropriated Client Funds

02/01/2021

Cathay United failed to set up internal controls to prevent the theft of TWD 17.32 million from four clients by a customer relationship manager.

Enforcement

Taiwan FSC Fines KGI Securities Over Poor Internal Controls

31/12/2020

The case relates to the August suicide of a former KGI Securities employee, who suffered large investment losses as a result of illegal futures trades for his clients.

Securities / Derivatives

Tokyo Bourse Reorganisation to Take Effect in April 2022

31/12/2020

Companies will be able to choose which section they want to be listed on between September and December 2021, and JPX will announce the results in January 2022.

AML / KYC

Federal Reserve Orders Credit Suisse to Enhance AML Controls

31/12/2020

Credit Suisse is required to improve its risk assessment, customer due diligence, suspicious activity monitoring and reporting processes.

Enforcement

IOSCO Issues Guidance on Addressing Misconduct During Stress Events

31/12/2020

Extreme price volatility, profitability pressures, psychological stressors, remote working and aggressive advertising were some of the drivers of misconduct risk during the pandemic.

Securities / Derivatives

HKFE Announces Launch Date for Hang Seng TECH Index Options

31/12/2020

The Hang Seng TECH Index Futures, introduced in November, have now been certified by the CFTC to be offered and sold to persons in the US.

Fintech / Regtech

US Regulators Call for Responsible Stablecoin Design, Operation

31/12/2020

Stablecoin participants and arrangements should register with FinCEN and comply with AML, sanctions, recordkeeping and reporting requirements.

Japan FSA Establishes Expert Panel on Sustainable Finance

31/12/2020

The panel will discuss initiatives to help channel investment into Japanese companies that support efforts to achieve carbon neutrality by 2050.