AML / KYC

NZ Court Fines CLSA Premium NZ for AML/CFT Breaches

13/09/2021

The court said CDD requirements were clearly subordinated to the continuation of CLSA Premium NZ’s relationship with high net worth customers.

Securities / Derivatives

Korea to Create Additional ₩100bn ‘New Deal’ Fund

13/09/2021

The additional New Deal fund will be financed through 80bn won in investments from the private sector and 20bn won from the government.

Enforcement

BSP Introduces Stricter Penalty Framework for FIs

13/09/2021

Monetary penalties have increased from PHP 30,000 to a maximum PHP 1 million for each violation. Fines up to three times profit gained or loss avoided can also be imposed.

Big Picture

EU Regulators Warn of Cyber Risk, Credit Losses, Market Exuberance

12/09/2021

The EBA, ESMA and EIOPA warn of increasingly sophisticated cyber-attacks, deteriorating credit quality, and possible exuberance in markets.

AML / KYC

Philippine AMLC Asks Firms to Provide UBO Information in STRs

10/09/2021

The FATF action plan requires the Philippines to enhance and streamline law enforcement agencies’ access to accurate and up to date beneficial ownership information.

Enforcement

Global Regulators Heighten Scrutiny Over ESG Mislabelling – Reports

09/09/2021

Increased scrutiny from US, EU and UK regulators have forced asset managers to review current practices for classifying funds as ESG-focused.

Enforcement

Singapore Court Jails Russian National for Deceiving Banks

09/09/2021

The banks were deceived regarding true beneficial ownership in their decision to open bank accounts between 2014 to 2017.

ESG / Sustainability

Hong Kong Explores Role in Unified GBA Carbon Market

08/09/2021

Hong Kong is exploring opportunities to establish a unified carbon market in the Greater Bay Area, leveraging the Guangdong ETS and Shenzhen ETS.

Enforcement

CSRC to Bolster Supervision of Securities, Fund Practitioners

08/09/2021

The CSRC will organise on-site inspections to ensure securities and fund practitioners adhere to professional ethics obligations and improve governance.