AML / KYC

Singapore Consults on Amendments to Accountants Act

20/10/2021

Under the changes, ACRA can conduct inspections on accountants for compliance with AML/CFT requirements, and impose penalties for non-compliance.

ESG / Sustainability

RBA Warns of Divestment Risk Amid Climate Change Threat

19/10/2021

While there are currently only isolated examples of divestment from Australia because of climate risk, the likelihood of more significant divestment is increasing.

Crypto / Digital Assets

ASIC Seeks Extension of CFD Product Intervention Order to 2031

18/10/2021

ASIC says there were 45 percent fewer loss-making retail client accounts and losses were smaller as a result of its October 2020 product intervention order.

FMA Finalises Guidance on Advertising of Financial Products

17/10/2021

The FMA will take action against false, misleading, deceptive or confusing advertising, depending on the severity and level of misconduct.

Capital / Liquidity

BCBS Reports Basel Adoption Progress Despite Covid Disruptions

17/10/2021

All jurisdictions now have final rules in force for the CCyB, following implementation in China. Three more jurisdictions have adopted the final TLAC rules.

Crypto / Digital Assets

Sri Lanka to Develop Regulatory Framework for Cryptocurrency

15/10/2021

The committee will advise Sri Lanka’s cabinet on a regulatory framework for Sri Lanka for blockchain, digital banking and crypto mining.

Crypto / Digital Assets

S. Korean Legislators Seek to Delay Cryptocurrency Taxation

14/10/2021

Lawmakers are proposing to delay plans to tax cryptocurrency gains by one year to 2023, and to impose a more generous tax framework.

Crypto / Digital Assets

China Names Crypto Mining as Prohibited Activity on ‘Negative List’

14/10/2021

China’s latest ‘negative list’ removes six industries, while introducing new restrictions for the media, finance and cryptocurrency sectors.

Fintech / Regtech

BSP Migrates to API-Based Regulatory Reporting

14/10/2021

Banks have six months to enable capabilities to generate XML reports and ensure appropriate personnel is in place.