AML / KYC

FCA Sets Out Expectations on Crypto Travel Rule Compliance

18/08/2023

UK firms that receive a crypto transfer with incomplete information may block the beneficiary from accessing the crypto.

AML / KYC

Singapore Police Arrests 10 Foreigners for Forgery, Money Laundering

16/08/2023

The suspects were involved in laundering proceeds from organised crime activities. MAS is scrutinising FIs where tainted funds were found.

Capital / Liquidity

HKEX, Banks Working to Enhance Market Attractiveness – Report

16/08/2023

Measures discussed include scaling back the stamp duty, and introducing cross margin arrangements to lower margin financing costs.

Big Picture

Inside ASIC’s Derivatives Reporting Rule Rewrite

14/08/2023

ASIC’s Alex Orgaz-Barnier and DTCC’s Priya Kundamal spoke to Regulation Asia about the changes to the derivative transaction reporting regime in Australia.

CSRC Meets With Developers as Property Market Faces Renewed Pressure

13/08/2023

Property firms were asked to share information about their home sales, cash flow, debt situation, and funding needs.

Fintech / Regtech

Indian Lawmakers Pass New Data Protection Law

11/08/2023

The law has raised concerns over the excessive powers granted to the government to access private data without consent.

Crypto / Digital Assets

Fed Unveils New Supervision Programme for Banks Engaging With Crypto

10/08/2023

The Fed requires banks to obtain a written notification of supervisory nonobjection before engaging in activities involving stablecoins.

Enforcement

SEC, CFTC Penalise Firms $555m for Use of Unapproved Messaging Apps

09/08/2023

The use of “off-channel” communications was “pervasive and longstanding”. Wells Fargo was penalised $200mn, while BNP Paribas and SocGen were each fined $110mn.

AML / KYC

OCBC Integrates Anti-Malware Feature in Mobile Banking App

08/08/2023

OCBC’s digital banking app will now only work on mobile devices if their mobile apps are all downloaded from official app stores.