AML / KYC

OFAC Extends Chinese Military Company Ban to Subsidiaries

03/01/2021

In a set of FAQs, OFAC has clarified that Executive Order 13959 also applies to subsidiaries, derivatives, ETFs, index funds and mutual funds.

AML / KYC

Japan Regulators Order Crypto Exchange to Improve AML Systems

02/01/2021

Avacus Co Ltd must build an AML/CTF risk management system that ensures transactions are confirmed and recorded at the time of transaction.

Capital / Liquidity

Taiwan FSC Designates First Commercial Bank as Sixth D-SIB

02/01/2021

In June 2019, the FSC designated CTBC Bank, Cathay United Bank, Taipei Fubon Bank, Mega International Commercial Bank and Taiwan Cooperative Bank as D-SIBs.

Enforcement

China: Revised Criminal Law Raises Penalties for Capital Market Offences

02/01/2021

The amendments focus on fraudulent issuance, information disclosure falsification, provision of false certification documents by intermediaries, and market manipulation.

Securities / Derivatives

Korea Set to Establish ‘New Deal’ Fund in March 2021

02/01/2021

The application process for private fund managers to set up and manage feeder funds under the New Deal fund began in December 2020.

Capital / Liquidity

Japan FSA Issues Draft Policy for Basel III Implementation

02/01/2021

Japan will adopt the Basel III standards in consideration of the characteristics of domestic financial institutions, the FSA said.

BSP Grants Foreign Banks Relief from Single Borrower’s Limit

02/01/2021

The measure is expected to help boost lending, bolster economic growth and diversify credit exposures, said BSP governor Benjamin Diokno.

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.