KYC & CDD

BSP Issues New CDD Rules to Support PhilSys Enabled e-KYC

07/04/2023

The PhilSys national digital ID system is acceptable for e-KYC, provided it is supported by “robust technology, adequate governance, processes, and procedures”.

Anti-Money Laundering

AUSTRAC Provides AML/CTF Exemption for CBDC Pilot

07/04/2023

The exemption applies to CBDC issuance, redemption, exchange, custody, storage, transfer, account opening and other areas for the RBA, pilot participants and customers.

Cloud & Infrastructure

APAC Regulators Form New Forum to Address Cloud Risk

06/04/2023

MAS assistant managing director Vincent Loy said the twice-a-year forum will help APAC regulators and CSPs ensure greater resilience of cloud adoption in the financial sector.

Anti-Bribery & Corruption

ICAC Concludes First Training Day for Banks on Corruption Risk

05/04/2023

Acting ICAC Commissioner Ricky Yau said the training programme is aimed at enhancing banking sector standards on preventing corruption risk.

Clearing & Post-Trade

Industry Asks ASIC to Lengthen SOFR OIS Implementation Period

04/04/2023

ISDA and AFMA responded to an ASIC proposal to remove OIS contracts referencing USD LIBOR from derivatives clearing requirements and replace them with those referencing SOFR.

Clearing & Post-Trade

IMDA Conducts Paperless Cross-border Trade Using ETR

04/04/2023

A paperless live shipment from Singapore to Thailand was successfully conducted through collaboration between IMDA, ExxonMobil, VLK and Bunkerchain.

Capital Adequacy

BSP Offers Regulatory Relief to Promote Islamic Banking

03/04/2023

The BSP is offering relief from minimum capital requirements to incentivise conventional banks to develop the Islamic banking market.

Market Abuse

US SEC Charges Two Over SPAC Insider Trading Scheme

02/04/2023

The duo used non-public information in advance of at least 7 merger announcements involving SPACs to earn illicit profits of more than $3.4mn.

Anti-Money Laundering

Germany to Establish New Agency to Fight Financial Crime

02/04/2023

The ‘Federal Authority for Fighting Financial Crime” will absorb the functions of the FIU and also be responsible for enforcing international sanctions.