Enforcement

Statewide Superannuation Fined for Overcharging, Misleading Members

19/01/2022

Statewide also reported its breaches to ASIC some 45 days late. The firm is required to undertake a remediation programme and engage an independent expert for review.

AML / KYC

Russia Says REvil Hacking Group Has Been Dismantled

18/01/2022

Russia’s intelligence bureau raided 25 properties, detained 14 individuals, and seized cash, cryptocurrency and luxury vehicles.

Crypto / Digital Assets

ASIC Warns Against Investing Super in Crypto Assets

18/01/2022

ASIC says individuals who set up self-managed super funds may be increasingly targeted by scammers to invest in crypto-assets.

Hong Kong Anti Covid Restrictions Take Toll on Banks

18/01/2022

Banks including Goldman Sachs, Bank of America, Morgan Stanley and UBS are struggling to bring key executives into Hong Kong due to flight bans.

AML / KYC

KoFIU Unveils AML Supervision & Inspection Plan for 2022

18/01/2022

KoFIU will begin inspections on VASPs, financial institutions, casinos and mutual finance companies starting February.

Fintech / Regtech

FSC Korea Reiterates Plans to Regulate Bigtech in Financial Services

17/01/2022

The FSC will apply “same rules for same services” to ensure fair competition between bigtech firms and financial institutions.

Securities / Derivatives

SEBI Issues Framework for Operationalising Gold Exchanges

14/01/2022

‘Electronic Gold Receipt’ transactions have been divided into three tranches: creation of EGRs, trading of EGRs on stock exchanges, and conversion back into physical gold.

Fintech / Regtech

South Korea to Designate More ‘Data Specialising Institutions’

13/01/2022

Data specialising institutions are allowed to converge anonymised and pseudonymised data originating from different businesses for analytics purposes.

Big Picture

Policy Reforms Needed for Platform-based Financial Services: BIS

13/01/2022

A BIS paper says platform-based business models can lower costs and aid financial inclusion, but they can also give rise to digital monopolies and oligopolies.