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Conduct, Culture & Accountability
HKMA Sets Timeline for Mandatory Reference Checking Regime
By Sanday Chongo Kabange | 08/05/2022
Banks have until 2 May 2023 to put in place the necessary internal controls, policies and procedures required for Phase 1 implementation of the MRC regime.
Anti-Money Laundering
US Court Orders BitMEX Co-Founders to Pay $30m in Fines
By Editors | 08/05/2022
The orders follow the CFTC’s $100mn settlement with five BitMEX entities last year over violations of US derivatives and AML regulations.
Liquidity Risk
PBOC, CBIRC Probe Rural Banks Over Service Disruptions
By Editors | 08/05/2022
Customers of multiple rural banks complained that banking service disruptions have prevented them from withdrawing their money.
Emerging Prudential Risks
PBOC, CBIRC Pledge to Support Growth of Real Estate, Tech Sectors
By Darien Choong | 06/05/2022
The pledge signals an easing of the year-long crackdown in the tech sector, and a move away from restrictive lending to the property sector.
Market Abuse
Two Convicted in Singapore’s Largest-ever Market Manipulation Case
By Editors | 06/05/2022
Two individuals were convicted on 349 charges for controlling and using 187 trading accounts to manipulate three penny stocks before they collapsed in October 2013.
Cryptocurrency
Central African Republic Adopts Bitcoin as Legal Tender
By Editors | 06/05/2022
The adoption of Bitcoin as legal tender is expected to make transactions in CAR easier, but the move is seen as part of a power struggle between Russia and France.
Cybersecurity
Australian Court Penalises RI Advice Over Cybersecurity Failures
By Editors | 06/05/2022
The ruling is the first of its kind in Australia, and follows cyber incidents that occurred at authorised representatives of RI Advice between 2014 and 2020.
Anti-Money Laundering
J5 Publishes Red Flag Indicators to Address NFT Risks
By Editors | 05/05/2022
Tax enforcement agencies provide a list of account and transaction attributes from NFT marketplaces that may indicate fraud or other illicit activity.
KYC & CDD
NYDFS Issues Guidance Recommending Use of Blockchain Analytics
By Editors | 05/05/2022
The guidance emphasises the importance of blockchain analytics in conducting due diligence, transaction monitoring and sanctions screening.
PEPs & Sanctions
European Commission Proposes Complete Ban on Russian Oil
By Editors | 05/05/2022
Three more Russian banks will be removed from SWIFT, three broadcasters will be blocked, and more military officers and individuals will be sanctioned.
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