KYC & CDD

FIs Must ‘Strictly’ Perform CDD on DNFBP Clients, BSP Says

04/06/2023

CDD includes identifying and verifying the true identities and beneficial owners of DNFBP clients such as lawyers, accountants and real estate developers.

Structural Regulation

ASIC Issues First Stop Order on Superannuation Product

04/06/2023

The interim stop orders were made against Spaceship Super and three managed funds promoted by Spaceship Capital due to deficient TMDs.

Conduct, Culture & Accountability

ASIC to Leverage Regtech to Improve Listed Company Disclosures

02/06/2023

ASIC and regtech firm Eastern Analytica will jointly develop a solution to help address poor market disclosures by listed firms.

Structural Regulation

HKMA Issues Public List of Bank-Owned Trust Businesses

02/06/2023

All entities on the list have provided the HKMA an annual declaration on their compliance with a new code of conduct for bank-related trust businesses.

Cryptocurrency

EU Officials Formally Sign MiCA Into Law

02/06/2023

The MiCA legislation was signed into law on Wednesday by European Parliament president Roberta Metsola and Swedish minister Peter Kullgren.

AI Risk & Governance

EU, US Jointly Developing Voluntary Code of Conduct for AI

02/06/2023

The first-of-its-kind voluntary code of conduct for AI could be drawn up within weeks, said EU official Margrethe Vestager.

Cloud & Infrastructure

BNM Incorporates Cloud-specific Risks in Regulatory Framework

02/06/2023

BNM has updated its policy on risk management in technology to include requirements on the adoption and use of public cloud infrastructure.

Structural Regulation

Credit Suisse Halts Plans to Set Up Bank in China – Report

02/06/2023

Credit Suisse had been preparing for years to set up a wholly owned local bank in China.

Operational Risk

China to Issue New Rules for Debt Collectors in August

01/06/2023

One of China’s biggest debt collection firms is considering ceasing operation due to tightening supervision of the industry.