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BSP Drafts New Rules on Financial Services Dispute Resolution
By Editors | 18/08/2022
Complainants can elect for mediation or adjudication only if the complaint cannot be resolved by the FI itself or the BSP’s Consumer Assistance Mechanism.
Enforcement
CBIRC Fines New Times Trust, Bans Top Executives for Life
By Editors | 18/08/2022
New Times Trust, a unit of Tomorrow Group, was fined CNY 7 million. Nine former executives were warned, fined or otherwise penalised with lifetime bans.
Fintech / Regtech
SET, Bloomberg Launches Initiative to Boost Capital Markets Talent
By Editors | 18/08/2022
The initiative will allow finance students from eight universities to gain experience in financial markets trading using Bloomberg data and tools.
AML / KYC
Philippine AMLC Tightens Requirements on DNFBPs
By Editors | 18/08/2022
Updated AML/CFT guidelines require DNFBPs to submit proof that their proprietors, partners, directors and principal officers have attended an AML seminar.
AML / KYC
APG Issues 2022 Annual Typologies Report
By Manesh Samtani | 18/08/2022
The report calls for a shift towards characterising Illegal fishing as a predicate crime type for money laundering, to trigger a more effective AML/CFT response.
Capital / Liquidity
China to Pilot Initiative to Speed Up NPL Disposals
By Editors | 18/08/2022
Authorities will initially consider selecting six provinces to pilot an initiative to speed up the disposal of bad loans from small- and medium-sized banks.
Crypto / Digital Assets
South Korea Launches Private-Public Taskforce on Digital Assets
By Sanday Chongo Kabange | 18/08/2022
The new taskforce will examine new legislation that ensures a “proper balance” between innovation, and investor protection and financial stability.
Enforcement
Korea FSS Probes Korea Investment & Securities Over System Outage
By Editors | 18/08/2022
The system outage occurred due to an electrical short circuit at Korea Investment & Securities’ main data processing computer centre.
Crypto / Digital Assets
Crypto Firm Hodlnaut Applies for Judicial Management in Singapore
By Editors | 18/08/2022
The alternative of forced liquidation would be a “suboptimal solution” that would require Hodlnaut to sell users’ cryptocurrencies at “depressed asset prices”.
Securities / Derivatives
Fund Managers Relocating Staff Away from Hong Kong: HKIFA
By Editors | 18/08/2022
A survey of 36 fund managers found that almost 70 percent are finding it difficult to hire non-local and non-mainland staff to work in Hong Kong due to Covid restrictions.
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