AML / KYC

BSP to Finalise Members of Open Finance Body This Year

10/08/2021

The open finance oversight committee which will formulate standards for consent-based data sharing will include representation from across the financial industry.

Enforcement

Taiwan FSC to Raise Compensation for Automatic Dispute Settlement

10/08/2021

The FSC will raise the compensation ceilings under which financial companies have to automatically accept settlement decisions.

AML / KYC

Thai SEC Proposes UBO Registration Rules for Securities Firms

08/08/2021

Securities firms offering trading, exchange or underwriting services will be required to ensure customers register their foreign beneficiaries.

Securities / Derivatives

TWSE to Enhance Timeliness of Disclosures by Listed Firms

08/08/2021

In 2022, some listed companies will have to start disclosing uncertainties about their ability to continue as a going concern based on unaudited financial information.

Securities / Derivatives

FSC Korea Issues Notice on Rule Changes for PE Funds

07/08/2021

A new classification system will distinguish between “general PEFs” and “institution-only PEFs”. PEFs will be subject to increased monitoring and external audits.

Enforcement

ASIC Sues Credit Firms for Failing to Cooperate with AFCA

06/08/2021

Two firms repeatedly engaged in disruptive, aggressive and uncooperative behaviour toward AFCA, a civil penalty offence since April 2019.

Enforcement

CSRC Penalises Yongcheng Coal, Executives for Fraud

05/08/2021

Yongcheng Coal and its executives were fined for fraudulent disclosures and for inflating its books. The company defaulted on a CNY 1 billion bond last year.

Market Infrastructure

RBI Issues Outsourcing Framework for Payment System Operators

05/08/2021

Payment system operators may not outsource core management functions such as risk management, internal audit and KYC compliance.

AML / KYC

Singapore: Woman Jailed for Helping to Launder Scam Proceeds

05/08/2021

Rohaiza Alap provided 25 bank accounts to scammers to launder S$2mn out of Singapore. She also recruited others to act as money mules.