Anti-Money Laundering

AUSTRAC Launches Formal Probe into NAB Over AML Breaches

07/06/2021

AUSTRAC said it is not considering civil penalty proceedings at this stage, a decision made based on the work undertaken by NAB to date.

Cryptocurrency

FSC Korea Meets Crypto Exchanges Over Regulatory Reforms

07/06/2021

The meeting focused on the operational difficulties faced by firms as they try to meet new regulatory requirements by a 24 September deadline.

Anti-Money Laundering

Shenzhen, Guangzhou Order Microfinance Firms to Halt Property Lending

04/06/2021

Financial authorities in Guangzhou and Shenzhen have ordered microfinance companies to stop providing credit for estate assets and investments.

Anti-Money Laundering

FCA Extends Temporary Registrations Regime for Cryptoasset Firms

04/06/2021

A “significantly high number” of cryptoasset businesses are not meeting AML/CTF standards, a key part of obtaining registration with the FCA.

Reporting & Disclosures

BSP Outlines Expectations for Banks on Sustainable Finance

04/06/2021

Banks must establish environmental and social risk management systems and disclose their sustainability initiatives in their annual reports.

CBDCs

BOT Awards CBDC Contract to German Firm G+D

03/06/2021

Bank of Thailand has plans to test the use of a retail CBDC within 2022 before full implementation over 3-5 years.

Cryptocurrency

Korea Designates FSS as Agency to Regulate Virtual Assets

03/06/2021

The FSS will oversee the crypto industry, including in relation to AML rules imposed by the Act on Reporting and Using Specified Financial Transaction Information.

DeFi & Web3

DeFi May Be Subject to Licensing Requirement, Warns Thai SEC

03/06/2021

The SEC warned that failure to obtain a licence for the issuance of digital tokens on DeFi platforms could be punishable under the Digital Assets Act.

Tokenisation

Bursa Malaysia Concludes Blockchain Bond POC with STACS

03/06/2021

The collaborative efforts from the PoC have established a new ‘Bond in a Box’ operating model that shows commercial potentials, the project report says.