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DeFi & Web3
CFTC Penalises Crypto Firm, Pursues First Case Against DAO
By Editors | 29/09/2022
Crypto firm bZeroX transferred its software protocol to a DAO and then marketed this as a way to be “enforcement-proof”.
Resolution & Recovery
New Zealand Introduce Bill to Enhance Depositor Protections
By Editors | 28/09/2022
The legislation will introduce a deposit protection scheme, new supervisory powers for the RBNZ, and a new accountability framework for deposit takers’ directors.
Anti-Money Laundering
Korea FSS Finds More Suspicious Crypto-Linked FX Transactions
By Editors | 28/09/2022
FSS investigations have so far involved 82 corporates and 12 banks. The total value of abnormal FX transactions discovered is now $7.2bn.
KYC & CDD
SFC Shines Regulatory Spotlight on Online Platforms
By Hannah Cassidy | 28/09/2022
Hannah Cassidy and Natalie Curtis discuss key areas of concern for the SFC in relation to the online platforms operated by licensed firms.
Anti-Money Laundering
AUSTRAC Identifies Emerging AML Risks Facing Super Funds
By Sanday Chongo Kabange | 28/09/2022
Super funds are exposed to cyber crime, as well as AML risks resulting from the growth in merger activity across the sector.
Fraud, Scams & Cybercrime
Malaysia Announces New Measures to Combat Financial Scams
By Editors | 28/09/2022
Malaysian banks will migrate SMS OTP to a more secure form of authentication, and further tighten detection rules and triggers to block scam-related transactions.
Conduct, Culture & Accountability
ASIC Finalises Guidance on Completing Timely Remediations
By Editors | 28/09/2022
ASIC says it should not have to oversee remediations in order for consumers to receive fair and timely outcomes.
Conduct, Culture & Accountability
HKMA Launches Enhanced Competency Framework on Compliance
By Editors | 28/09/2022
The ECF-Compliance establishes a set of common and transparent competency standards for practitioners working in banks’ compliance functions.
Anti-Money Laundering
AUSTRAC Spotlights Risks Associated with Remittance Sector
By Sanday Chongo Kabange | 27/09/2022
Most remittance dealers and remittance network providers did not submit any SMRs in the reporting period assessed by AUSTRAC.
Cryptocurrency
Korea Has Seized $182m in Crypto from Tax Delinquents
By Editors | 27/09/2022
The largest seizure from a single delinquent taxpayer was worth around KRW 12.5 billion, or about USD 8.8 million.
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