Fintech / Regtech

Korea: Short Selling Monitoring System To Be Ready in March 2025

11/06/2024

South Korea’s ban on short selling can only be lifted after the new Naked Short Selling Detection System is in place.

Crypto / Digital Assets

HSBC China Launches e-CNY Services for Corporate Clients

11/06/2024

HSBC China has become one of the first foreign banks in the country to provide digital yuan services to both corporate and retail customers.

AML / KYC

Australia Court Orders SkyCity to Pay A$67m AML Penalty

07/06/2024

SkyCity’s failures “over many years allowed high-risk customers to move millions of dollars through the casino”.

Australia Introduces Legislation to Regulate BNPL Sector

06/06/2024

BNPL providers will need to hold a licence and comply with existing credit laws, including requirements to conduct affordability checks.

Enforcement

SFC Obtains Asset Freeze Orders from Canadian Regulator

06/06/2024

The preservation orders were made to restrain the assets of a former Hong Kong CEO pursuant to the IOSCO EMMoU.

ESG / Sustainability

Active Super Engaged in Greenwashing, Australia Court Rules

06/06/2024

Active Super made “misleading” and “deceptive” representations regarding exclusions applied to gambling, coal mining, Russian entities and oil tar sands investments.

Crypto / Digital Assets

No Penalty for Block Earner, Australian Court Rules

05/06/2024

The Federal Court said Block Earner will not have to pay a penalty as it acted “honestly” before offering its “Earner” product.

Enforcement

APRA Fines Superannuation Trustee for Late Reporting

05/06/2024

APRA said Equity Trustees Superannuation lodged 15 reporting forms late for two funds under its trusteeship.

Capital / Liquidity

BSP Directs All Banks to Submit Recovery Plans by 30 June

05/06/2024

The requirements on the submission of recovery plans are also applicable to thrift, rural, and cooperative banks.