AML / KYC

FATF Calls on AML Practitioners to Target Opioids Trafficking

02/12/2022

New FATF report provides risk indicators to help identify opioids trafficking, noting that FIs and DNFBPs are an “important source of information” for FIUs.

Crypto / Digital Assets

Singapore Deputy PM Defends Temasek Over FTX Loss

01/12/2022

The FTX loss is disappointing, but it does not imply that the governance system is not working, deputy PM Lawrence Wong said.

Fintech / Regtech

EU’s Digital Operational Resilience Act Wins Final Approval

01/12/2022

All financial entities and the third parties that provide them ICT-related services will have to adhere to DORA requirements from around the end of 2024.

AML / KYC

AUSTRAC Commences Court Proceedings Against Star Casinos

01/12/2022

Star Sydney and Star Queensland breached one section of the law 1,189 and 325 times, respectively. Both are accused of “an innumerable number” of other breaches.

Capital / Liquidity

BOE Confirms Planned Approach to Basel III Implementation

30/11/2022

The BOE says its approach is consistent with the “vast majority” of major financial jurisdictions, with “appropriate but limited” adjustments for the UK market.

Capital / Liquidity

MAS Plans to Adopt BCBS Risk Weights for Cryptoassets

30/11/2022

MAS will require Singapore banks to apply a 1250% risk weight for exposures to Bitcoin and Ether, pending the finalisation of the BCBS framework.

Enforcement

Australia Passes Bill Raising Penalties for Privacy Violations

29/11/2022

The legislation also amends the extraterritorial jurisdiction of the Privacy Act to bring into scope foreign firms conducting business in Australia.

Market Infrastructure

Hong Kong Launches Platform to Accommodate Multiple CRAs

29/11/2022

The Credit Reference Platform is a key step towards introducing multiple CRAs in Hong Kong, a plan set into motion by TransUnion’s 2018 data breach.

AML / KYC

EU States Start Closing Access to Beneficial Owners Registers

28/11/2022

Luxembourg, Netherlands, Belgium, Austria and Malta have closed public access to their beneficial ownership registers following an EU Court of Justice ruling.