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PEPs & Sanctions
DFAT to Establish New Australian Sanctions Office from 1 Jan
By Editors | 26/12/2019
As part of the establishment, Australia’s Department of Foreign Affairs and Trade will be rolling out changes to its online sanctions permit platform in early 2020.
Payments & Settlements
SEBI to End Usage of Pool Accounts for Mutual Fund Transactions
By Editors | 26/12/2019
SEBI found that trading and clearing members used by mutual funds were diverting client funds and securities to meet their own or third-party margin or settlement obligations.
PEPs & Sanctions
ISDA Calls For Guidance on Handling of Derivatives Impacted by Sanctions
By Editors | 25/12/2019
ISDA proposes 8 principles sanctions authorities can consider to ensure safe operation of markets, and minimise derivatives market disruption and economic consequences for non-sanctioned entities.
KYC & CDD
FSC Korea Enables Online Account Opening for Foreigners
By Editors | 24/12/2019
The FSC will allow non-face-to-face account opening by foreigners residing in Korea, and by legal representatives of corporations.
Market Abuse
CFTC Charges HSBC Exec with Manipulation, Fraud
By Editors | 24/12/2019
The former head of HSBC’s North American interest rates business allegedly manipulated prices for five-year basis swaps used to price a bond issuance and a related swap.
Structural Regulation
SFC Proposes Enhancements to OFC Regime
By Editors | 23/12/2019
The changes include a mechanism for overseas corporate funds looking to re-domicile in Hong Kong. OFCs will also have to keep a register of beneficial shareholders.
Anti-Money Laundering
Wolfsberg Group Urges ‘Effectiveness’ Emphasis in AML/CTF Programmes
By Editors | 23/12/2019
FIs are devoting resources to maximise technical compliance, while not necessarily optimising detection or deterrence of illicit activity, the Wolfsberg Group says.
Conduct, Culture & Accountability
Governance, Accountability in Focus in Phase Two Review of RBNZ Act
By Editors | 23/12/2019
The government will progress a number of key ‘in-principle’ decisions of the review by enacting two separate Acts to replace the Reserve Bank of New Zealand Act 1989.
Anti-Money Laundering
Westpac Faces Shareholder Class Action for Possible Disclosure Failures
By Editors | 23/12/2019
The class action, filed by law firm Phi Finney McDonald, will rest on whether Westpac breached disclosure obligations or misled investors about the extent of its AML compliance failures.
Credit Risk
APRA Modifies Large Exposures Framework for ADIs
By Editors | 23/12/2019
APRA has extended the exemption for government-related entities to connecting counterparties involving economic interdependence and control relationships.
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