AML / KYC

MAS Issues Additional Guidance on Managing Sanctions Risk

31/08/2023

The guidance covers board and senior management responsibilities and the use of look-back reviews of past transactions.

AML / KYC

Switzerland Proposes Strengthening of AML Framework

31/08/2023

The proposed framework would enhance beneficial ownership transparency and make lawyers, consultants and accountants responsible for AML checks.

Market Infrastructure

HK Clearing Rules Updated to Account for Benchmark Reforms

31/08/2023

The clearing obligation will no longer apply to transactions referencing LIBOR and EONIA, which have been discontinued.

Crypto / Digital Assets

SFC Grants In-Principle Approval to Swiss Crypto Bank, SEBA

30/08/2023

SEBA plans to offer brokerage, advisory and asset management services in Hong Kong, covering securities, derivatives and crypto products.

AML / KYC

FATF Releases Mutual Evaluation Report for Brunei

30/08/2023

The report notes that Brunei has a new framework on beneficial ownership transparency, but that it is experiencing implementation challenges.

AML / KYC

Laos AML/CFT Regime Has “Significant Deficiencies” – FATF

30/08/2023

Laos is rated “non-compliant” on nine of the FATF’s 40 recommendations, and “partially compliant” on 22 recommendations.

AML / KYC

Singapore AML Probe Expands to Precious Metals, Property Agents

29/08/2023

MinLaw urged precious metals dealers to review their transactions and business relationships. The Council for Estate Agencies is investigating property agents.

Crypto / Digital Assets

Korean Banks Impose New Requirements on Crypto Exchanges

29/08/2023

Korean crypto exchange will need to set aside reserves worth $2.3mn, or 30 percent of their daily average deposits, whichever is greater.

Enforcement

US SEC Settles First NFT-related Enforcement Action

29/08/2023

The SEC says NFTs offered and sold to investors by Impact Theory were investment contracts and therefore unregistered securities.