Capital / Liquidity

UK Proposes Extensive Overhaul of Financial Services Regulations

12/12/2022

The reforms include overhauls of the ring-fencing and senior managers regimes, a new green finance strategy, and an investment management exemption for cryptoassets.

Enforcement

US Sanctions Nasdaq Listed Company, Other ‘Corrupt’ Actors

12/12/2022

The sanctions were connected to illegal fishing. The US, UK and Australia also sanctioned dozens of others in recognition of International Anti-Corruption Day and Human Rights Day.

AML / KYC

EU Council Agrees Position on AML/CFT Reform Package

11/12/2022

The package includes AML/CFT rules for the crypto sector and a ban on cash payments over EUR 10,000, among other measures.

Crypto / Digital Assets

RBNZ to Start Monitoring Local Use of Crypto, Stablecoins

11/12/2022

The monitoring framework will help the RBNZ understand how the market for new forms of money is developing and the implications for the monetary system.

Capital / Liquidity

APRA Finalises Expectations on Holding Contingent Liquidity

11/12/2022

MLH ADIs with more than A$1bn in liabilities are expected to reduce self-securitised assets held as contingent liquidity to at least 10% of total deposits and short-term wholesale liabilities.

Capital / Liquidity

APRA Finalises New Standard on Public Disclosures by Banks

09/12/2022

The standard, which will require disclosure of remuneration arrangements, will become effective from 1 January 2025, 12 months later than initially proposed.

Crypto / Digital Assets

Australian Regulators Progressing Work on Stablecoins, CBDC

09/12/2022

The CFR is trying to incorporate payment stablecoins into the proposed framework for SVFs. Meanwhile RBA assistant governor warns that CBDC could threaten financial stability.

AML / KYC

Hong Kong Legislative Council Passes AML/CTF Amendment Bill

08/12/2022

New licensing regime for VASPs will start on 1 June 2023. New registration regime for precious metals dealers will start on 1 April 2023.

AML / KYC

Wolfsberg Group Endorses Use of AI/ML for Financial Crime Compliance

05/12/2022

New report sets out five principles that support the ethical and responsible use of artificial intelligence and machine learning in financial crime compliance.