AML / KYC

US Regulators Fine National Bank of Pakistan $55m for AML Violations

01/03/2022

National Bank of Pakistan is required to pay penalties, correct deficiencies in its AML compliance, and submit quarterly progress reports on remedial actions taken.

Fintech / Regtech

RBI Directs Selected NBFCs to Centralise Core Systems

28/02/2022

Middle and upper layer NBFCs with ten or more places of operation will be required to implement a core financial services solution by 30 September 2025.

AML / KYC

PBOC Allows Merchants to Continue Using Personal QR Codes

27/02/2022

Rules issued last October were about to take effect that would have prohibited merchants from using personal QR codes to receive payments from 1 March.

Securities / Derivatives

US Fed Approves New Trading Rules for Senior Officials

27/02/2022

The rules aim to support public confidence in the impartiality and integrity of the FOMC’s work by guarding against “even the appearance of any conflict of interest”.

Crypto / Digital Assets

Russia Considers Framework for Regulating Cryptocurrencies

24/02/2022

The draft proposes requirements for VASPs relating to corporate governance, tax reporting, data storage, internal controls, risk management, client identification/KYC and segregation of assets.

Securities / Derivatives

FSC Korea to Tighten IPO Lockup Rules Starting in March

23/02/2022

A staggered lockup contracts system will be introduced to avoid sell orders being concentrated immediately after the end of the usual six-month lockup period.

Market Infrastructure

PBOC Warns Credit Repair Firms Against Cheating Customers

23/02/2022

Credit-repair service providers have been falsely telling customers they can change the information in the PBOC’s credit reporting system and delete records relating to overdue debts from credit reports.

Capital / Liquidity

RBNZ Consults on Dual Reporting Requirements for IRB Banks

22/02/2022

The RBNZ plans to bring dual reporting requirements into effect from 1 July 2022, requiring IRB banks to also disclose RWA outcomes based on the standardised approach.

APRA Offers Guidance on Managing Compliance Risk

22/02/2022

APRA wants regulated entities to give compliance risk management the same attention they give to cyber risk, operational risk management and other risk classes.