Fintech / Regtech

FSC Korea Forms New “Financial Safety Department”

16/10/2023

The new department will be dedicated to enhancing financial security and information protection in digital finance.

Big Picture

REITs Connectivity Will Boost Mainland and Hong Kong: HKEX

13/10/2023

Expanding market connectivity to include REITs will increase Hong Kong’s attractiveness and promote the internationalisation of the Mainland capital market.

Enforcement

Korea FSS Vows to Punish Daegu Bank for Opening Fake Accounts

13/10/2023

FSS inspections found that 1,662 securities accounts were illegally opened by 114 employees across 56 Daegu Bank branches.

AML / KYC

HK ICAC Hosts First Belt & Road Anti-Corruption Training

13/10/2023

The ICAC said it is contributing to building a “Clean Silk Road” by providing anti-corruption training to Belt and Road countries.

Enforcement

FSS Korea Strengthens Capital Markets Inspection System   

11/10/2023

Market participants that engage in illicit conduct will face immediate deregistration or licence revocation for even a single offence.

AML / KYC

BSP Highlights Importance of PEPs Due Diligence

11/10/2023

Domestic and international organisation PEPs, unlike foreign PEPs, are not automatically considered as high risk.

Australia to Amend Superannuation Tax Concession Policy

06/10/2023

The government is proposing “slightly less generous” tax concessions for individuals with a total superannuation balances above A$3mn.

AML / KYC

Pakistan Set to Establish Autonomous AML Authority – Report

06/10/2023

The authority will be tasked with tracking and monitoring money laundering and terrorist financing, while also serving as a policymaking body.

Fintech / Regtech

BNM to Finalise Licensing Framework for Digital Insurers in 2024

06/10/2023

Following consultation, BNM said it would refine and enhance several aspects of the framework for digital insurers and takaful operators.