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Citigroup Submits Plans to US Regulators to Address Deficiencies
By Sanday Chongo Kabange | 21/09/2022
Citigroup has about 30,000 people working on improvements and is hiring rival bankers and former auditors to beef up its risk and compliance teams.
AML / KYC
US Treasury Seeks Input on Illicit Finance Risks in Crypto
By Editors | 19/09/2022
The RFC calls for input on how to prevent crypto from being used for illicit finance, including through analytics tools and AML/CFT regulations.
Securities / Derivatives
CFTC Issues No-Action Letter to TAIFEX on Swaps Clearing
By Editors | 19/09/2022
The no-action letter will facilitate access for US persons to swaps clearing in Taiwan while TAIFEX’s application for an exemption from DCO registration is pending.
Crypto / Digital Assets
Thai SEC Proposes to Ban Crypto Lending, Staking Services
By Editors | 18/09/2022
A minimum investment amount is also proposed for each digital asset transaction. Meanwhile, the SEC is considering allowing asset managers to set up digital asset funds.
AML / KYC
US Unveils Comprehensive Plans for Regulating Digital Assets
By Manesh Samtani | 18/09/2022
Reports released by the White House, Treasury, Commerce and DOJ will help ensure a coordinated and comprehensive approach to digital assets policy.
AML / KYC
OFAC Issues Guidance on Transacting With Tornado Cash
By Editors | 18/09/2022
US persons may request a specific licence from OFAC to complete transactions involving sanctioned crypto mixer Tornado Cash.
Market Infrastructure
US Formalises Requirements for CFIUS Reviews to Assess Cyber, Data Risks
By Manesh Samtani | 16/09/2022
CFIUS will have to consider five new sets of national security concerns when reviewing foreign investments in the US.
AML / KYC
US Imposes New Sanctions on Russian Targets
By Manesh Samtani | 16/09/2022
The US and EU are also discussing plans target Turkish banks that have joined Russia’s Mir payment system. Putin unexpectedly admitted to tensions with Xi.
Securities / Derivatives
PwC, KPMG Ready to Host PCAOB Audit Inspections – Report
By Editors | 16/09/2022
PCAOB inspectors are expected to arrive in Hong Kong soon, but will have to serve three days in hotel quarantine before beginning work at PwC and KPMG’s Hong Kong offices.
Securities / Derivatives
US SEC Proposes Measures to Boost Treasury Market Resiliency
By Editors | 15/09/2022
Clearinghouse members will be required to push their clients’ secondary market trades and margins collected through the clearinghouse.
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