FSC Korea to Make Bank Execs Accountable for Internal Controls

25/06/2023

CEOs will have to establish “responsibilities maps” showing how internal control responsibilities are shared and divided among executive officers.

Fintech / Regtech

Korea ‘Financial AI Data Library’ to Start Operations in July

24/06/2023

The Financial AI Data Library allows the reuse of pseudonymous information in a secure environment, which will help fintechs and financial firms save time and cost.

Enforcement

ASIC Penalises Morrison Securities for Mishandled Client Orders

24/06/2023

Inadequate controls led to orders being erroneously directed to Chi-X rather than ASX, resulting in market integrity rule breaches.

Market Infrastructure

FSC Korea Approves Financial Hub Development Plan

23/06/2023

The financial hub development plan outline measures the FSC will undertake to promote financial hubs in South Korea.

Market Infrastructure

RBA Consults on Options for Enhancing Debit Card Market

23/06/2023

The RBA seeks to prevent any one debit network from being given routing priority at issuance for domestic transactions.

Market Infrastructure

FSC Korea Designates KOFIA as CD Rate Administrator

23/06/2023

With KOFIA designated as the administrator, the CD rate will begin to have legal effect as a critical benchmark rate starting on 2 October.

Crypto / Digital Assets

CFTC Files Charges in First Romance Scam Case Involving Crypto

22/06/2023

The CFTC says it is the first time it is handling a romance scam case involving digital asset commodities and forex.

Market Infrastructure

Korea Set to Update Rules to Support Overseas Expansion by Financial Firms

22/06/2023

The FSC said its regulatory overhaul will make it easier for Korean financial firms to acquire, establish, invest in, and operate overseas subsidiaries.

AML / KYC

Indonesia OJK Issues New AML/CFT/CPF Regulations

22/06/2023

OJK’s Mahendra Siregar said the new regulations are aligned with the FATF standards, and will help Indonesia become a FATF member.