Anti-Money Laundering

Singapore Consults on Amendments to Accountants Act

20/10/2021

Under the changes, ACRA can conduct inspections on accountants for compliance with AML/CFT requirements, and impose penalties for non-compliance.

Climate Risk

RBA Warns of Divestment Risk Amid Climate Change Threat

19/10/2021

While there are currently only isolated examples of divestment from Australia because of climate risk, the likelihood of more significant divestment is increasing.

Trading & Investment

ASIC Seeks Extension of CFD Product Intervention Order to 2031

18/10/2021

ASIC says there were 45 percent fewer loss-making retail client accounts and losses were smaller as a result of its October 2020 product intervention order.

Conduct, Culture & Accountability

FMA Finalises Guidance on Advertising of Financial Products

17/10/2021

The FMA will take action against false, misleading, deceptive or confusing advertising, depending on the severity and level of misconduct.

Capital Adequacy

BCBS Reports Basel Adoption Progress Despite Covid Disruptions

17/10/2021

All jurisdictions now have final rules in force for the CCyB, following implementation in China. Three more jurisdictions have adopted the final TLAC rules.

Cryptocurrency

Sri Lanka to Develop Regulatory Framework for Cryptocurrency

15/10/2021

The committee will advise Sri Lanka’s cabinet on a regulatory framework for Sri Lanka for blockchain, digital banking and crypto mining.

Cryptocurrency

S. Korean Legislators Seek to Delay Cryptocurrency Taxation

14/10/2021

Lawmakers are proposing to delay plans to tax cryptocurrency gains by one year to 2023, and to impose a more generous tax framework.

Cryptocurrency

China Names Crypto Mining as Prohibited Activity on ‘Negative List’

14/10/2021

China’s latest ‘negative list’ removes six industries, while introducing new restrictions for the media, finance and cryptocurrency sectors.

Capital Adequacy

BSP Migrates to API-Based Regulatory Reporting

14/10/2021

Banks have six months to enable capabilities to generate XML reports and ensure appropriate personnel is in place.