AML / KYC

Japan: Sony Life Employee Embezzles $155m While Working Remotely

09/12/2021

The Sony Life Insurance employee allegedly embezzled $155mn while working on liquidating the reinsurer’s assets after it closed.

Securities / Derivatives

South Korea’s Revised FSCMA Takes Effect

09/12/2021

The approval process will be simplified for foreign securities firms to change their status in Korea from a branch office to a subsidiary, and vice versa.

Securities / Derivatives

HKFE Gets CFTC Certification for Two More China Futures Contracts

08/12/2021

The certification of the two contracts means they can be offered and sold to persons in the US, and that US investors can trade the contracts from within the US.

Enforcement

CSRC Issues New Rules for Settling Capital Market Violations

08/12/2021

The new rules will enable parties suspected of engaging in illegal acts to pay administrative settlements rather than wait for investigations to be concluded.

Capital / Liquidity

RBNZ Says Stress Tests Show Banks Need More Capital

08/12/2021

The findings reinforce the need for banks to continue to build capital and replace Tier 2 instruments that will cease to be compliant under the new rules on bank capital.

AML / KYC

NZ FMA Risk Assessment Finds VASPs Sector ‘High Risk’

07/12/2021

The FMA’s sector risk assessment for 2021 says VASPs, derivatives issuers and online investment platforms could be targeted by money launderers.

Securities / Derivatives

Industry Bodies Set Roadmap for Shorter US Equities Settlement Cycle

07/12/2021

Shortening the settlement cycle to T+1 is expected to reduce risks and costs for the securities industry, but also present challenges for foreign market participation.

ASIC Set to Undergo First Review by New Monitoring Body

07/12/2021

The new Financial Regulator Assessment Authority will assess ASIC’s effectiveness and capability including in its surveillance and licensing functions.

Crypto / Digital Assets

ASIC Flags Supply Chain Risk as Key Cyber Resilience Concern

07/12/2021

Failure to invest in supply chain risk management could lead to significant consumer harm that might warrant ASIC investigation and action.