Fintech / Regtech

China Issues Action Plan for Further Developing Digital Finance

30/11/2024

FIs are directed to designate a leading department for digital transformation and improve the quality and efficiency of digital financial services.

AML / KYC

AUSTRAC Fines 16 Firms for Failure to Submit Compliance Reports

30/11/2024

The infringement notices were issued for failure to submit 2023 annual compliance reports. The firms had a history of non-compliance.

Market Infrastructure

Australian Parliament Passes First Tranche of Privacy Law Reforms

29/11/2024

The reforms expand the OAIC’s powers, giving it monitoring, investigative and inspection powers and the ability to issue infringement and compliance notices.

AML / KYC

FCA Unveils New 5-year Strategy to Boost Trust in UK Market

29/11/2024

FCA chief operating officer Emily Shepperd said tackling financial crime is one of four pillars of the new strategy.

Capital / Liquidity

BCBS Finalises Technical Amendments to Basel Framework

29/11/2024

The amendments concern the standardised approach to credit risk and the capital charge for Group 2a cryptoassets. An amendment to the CCR framework is also proposed.

Sanctions

New Zealand Targets Russian, Iranian Actors With New Sanctions

29/11/2024

The sanctions target those involved in the deployment of chemical weapons against Ukraine and the provision of Iranian weapons to Russia.

Sanctions

US Appeals Court Overturns Tornado Cash Sanctions

28/11/2024

The court said federal law only gives OFAC the authority to sanction property, and Tornado Cash’s smart contracts do not qualify as property.

Capital / Liquidity

MAS Revises Notice 637 on Risk-based Capital Adequacy

28/11/2024

MAS updated Notice 637, which sets out risk-based capital adequacy requirements for locally-incorporated banks.

Sanctions

US Imposes New Controls on Exports to Pakistan

27/11/2024

The new controls are being imposed on six categories of items being sought by entities on the Entity List for “regional stability reasons”.