AML / KYC

Beijing Financial Court Created to Counter US Long Arm Jurisdiction

23/03/2021

The extraterritorial application of China’s financial laws will play a bigger role in opening up the domestic market, the Supreme People’s Court said.

Enforcement

Malaysia SC Probes Share Disposals by AmBank Execs

23/03/2021

Seven executives sold a combined MYR 1.63 million in shares on the same two days in December, just two months ahead of AmBank’s 1MDB settlement.

AML / KYC

Bangladesh TBML Rule Makes Mis-invoicing a Jailable Offence

22/03/2021

A new Finance Ministry order makes incorrect declaration on exports, imports and investment abroad a jailable offence.

AML / KYC

Korea’s New AML Law for VASPs Set to Take Effect

22/03/2021

From 25 March, VASPs will have six months to register with KoFIU, and must start report suspicious transactions. The travel rule will apply one year later.

RBA Makes Plea for Banks to Ease Approach to SME Lending

21/03/2021

The RBA’s Christopher Kent says banks have tightened lending standards for SMEs, charging them more and imposing more restrictive terms on their loans.

Securities / Derivatives

New Financial Consumer Protection Law to Take Effect in Korea

21/03/2021

The law expands consumer rights, raises penalties for breaches, and requires FIs to set up internal controls to protect consumers.

ESG / Sustainability

Malaysia SC Outlines Capital Market Plans for 2021

21/03/2021

The SC said it will launch its five-year Capital Market Masterplan 3 in H2 2021, strengthen its regulatory capabilities, and streamline conduct requirements.

Fintech / Regtech

BOT Warns Against THB-Denominated Stablecoin

18/03/2021

A stablecoin denominated in Thai baht has been developed overseas. Any activity involving the stablecoin is deemed illegal.

Fintech / Regtech

WEF Paper Offers Recommendations on China Fintech Regulation

17/03/2021

The paper says it is necessary to build a new regulatory framework that allows a shift from entity-based regulation to activity-based regulation.