AML / KYC

US Hedge Funds Being Used for Money Laundering: FBI

27/07/2020

A leaked FBI bulletin says US hedge funds and private equity firms are being used to facilitate money laundering, organised crime, and sanctions evasion.

ESG / Sustainability

Hong Kong Exchange Proposes Introduction of Paperless IPO Regime

26/07/2020

The stock exchange is seeking feedback on proposals to introduce a paperless listing documents regime, and to only allow IPO subscriptions through electronic channels.

AML / KYC

New Report Highlights Ineffectiveness of Global AML/CTF Systems

25/07/2020

A lot of countries may have strong AML/CTF systems in place, but in practice they are not working, says a new report from the Basel Institute on Governance.

Enforcement

ASIC to Seek Reforms to Responsible Lending Laws

22/07/2020

ASIC has decided not to appeal the dismissal of its responsible lending case against Westpac; instead it will review its existing guidance and recommend legislative reforms.

ESG / Sustainability

Inconsistent Data Hindering Quantification of Climate Risks: FSB

22/07/2020

Multiple layers of uncertainty on the course of climate change give rise to a lack of consistent data and methodologies for translating potential outcomes into financial exposure estimates.

AML / KYC

MAS Seeks Expanded Powers to Address Financial Sector Risks

21/07/2020

MAS proposes to expand its powers to issue prohibition orders, regulate virtual asset service providers, and impose technology risk management requirements on firms.

Big Picture

Financial System Still Vulnerable in Recovery: FSB Chair

15/07/2020

Funding markets remain at risk of liquidity stress, volatility in markets may return, and assets are at risk of a “sudden and sharp” repricing.

AML / KYC

Trump Executive Order Opens China to Sanctions Over Hong Kong

15/07/2020

Trump has signed an executive order threatening sanctions against Chinese officials and the banks they deal with over the national security law imposed in Hong Kong.

Market Infrastructure

HKMA Proposes New Code of Practice for Banks’ Trust Companies

13/07/2020

The HKMA is looking to address a lack of conduct requirements for trust businesses used by banks and their subsidiaries for wealth management purposes.