AML / KYC

China Issues New Rules to Protect from Foreign Sanctions

11/01/2021

Global businesses that comply with sanctions deemed illegal by MOFCOM can be sued for compensation in Chinese courts.

Sanctions

US Banks to Delist Hong Kong Listed Structured Products

11/01/2021

The move is said to be a direct result of a prohibition on US persons from purchasing shares in companies identified to be linked to the Chinese military.

Market Infrastructure

ASIFMA, Ashurst Issue Report on APAC Readiness for IBOR Transition

07/01/2021

Market participants identified a lack of standardisation, harmonisation and consensus between different jurisdictions and asset classes as a key area of concern.

Securities / Derivatives

HKEX Outlines Next Steps for VCM, POS Enhancements

07/01/2021

Phase 2 VCM enhancements will occur in March 2021 in the securities market. VCM and POS enhancements will be applied to the derivatives market in Q2 2021.

AML / KYC

RBI Mandates LEI Use for Large Payments via RTGS, NEFT

06/01/2021

From 1 April 2021, all non-individual bank customers initiating or receiving transactions over 500m rupees via the RTGS or NEFT systems will need an LEI.

Market Infrastructure

New Foreign Investment Regime Takes Effect in Australia

04/01/2021

Foreign investors are required to seek approval for all investments in sensitive national security land or businesses (including starting such a business) regardless of value.

Fintech / Regtech

BNM Opens Six Month Application Period for Digital Bank Licences

03/01/2021

Applicant must demonstrate a commitment to driving financial inclusion. Preference will be accorded to applications where the controlling interest resides with Malaysian nationals.

AML / KYC

Hong Kong Launches New Digital Identity Platform ‘iAM Smart’

02/01/2021

The SFC, HKMA, IA and MPFA are encouraging FIs to adopt iAM Smart in their businesses for customer authentication, document signing, and remote onboarding.

Fintech / Regtech

Chinese Regulators Order Ant Group to Reorganise Business

31/12/2020

Ant Group is directed to refocus on its payments business and correct regulatory violations in its credit, insurance, wealth management and asset securitisation businesses.