AML / KYC

Philippines Directs DNFBPs to Tighten Suspicious Transaction Reporting

02/01/2024

Amended AMLC guidelines say no administrative, criminal or civil proceedings shall lie against any person for filing CTRs or STRs in good faith.

Enforcement

FSS Korea Fines BNK Kyongnam Bank for Employee Misconduct

02/01/2024

Former branch manager opened a securities account using his mother-in-law’s name and forged signature, and used it to place 193 stock trades.

ESG / Sustainability

HKMA Study Assesses Climate Risks of HK-domiciled Funds

29/12/2023

The study found that the climate risk of HK-domiciled funds is “in line with funds domiciled in other Asia-Pacific economies.”

Hong Kong MPFA Calls for Action to Guard Against Fraud

23/12/2023

The MPFA issued two circulars offering guidance to MPF intermediaries and MPF trustees on guarding against fraudlent activities.

Fintech / Regtech

RBA Sets Expectations for Enhanced Debit Card Market

22/12/2023

The RBA wants all industry participants to support token portability and token synchronisation by June 2025.

Market Infrastructure

HK AFRC to Start Inspections of Mainland Auditors of HK-Listed Entities

22/12/2023

Under a partnership with Chinese authorities, the AFRC will start to inspect engagements involving audit working papers located on the Mainland.

Enforcement

ICAC Secures Guilty Pleas from Ex-StanChart Bankers Who Defrauded Investors

21/12/2023

Two former Standard Chartered relationship managers pleaded guilty to conspiracy to defraud. Three other defendants will stand trial in July 2024.

HKMA Issues Guidance for Banks on Digital Marketing

21/12/2023

Banks are asked to review their digital marketing activities for general banking products to ensure consumer protections are in place.

Enforcement

HK SFC Issues Warning About More Suspicious VATPs

21/12/2023

The SFC said the police have blocked the two platforms in Hong Kong over suspected fraudulent activities related to virtual assets.