Anti-Money Laundering

German Finance, Justice Ministries Raided in Probe of FIU

15/09/2021

The probe was launched following complaints that the FIU had not acted on millions of euros of suspect transactions between 2018 and 2020.

Payments & Settlements

Singapore, India to Enable Real-time Cross-border Payments

15/09/2021

The PayNow-UPI linkage will be implemented in July 2022, enabling faster and lower cost fund transfers between Singapore and India.

Trading & Investment

China Pilots New Scheme to Plug Retirement Savings Gap

15/09/2021

Four domestic banks will test wealth management products for one year in Wuhan, Qingdao, Chengdu and Shenzhen.

Anti-Money Laundering

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.

Trading & Investment

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.

Conduct, Culture & Accountability

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.

Cybersecurity

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.

Anti-Money Laundering

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.

Reporting & Disclosures

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.