Anti-Money Laundering

RBNZ Issues Formal Warning to Westpac for AML Failures

11/08/2021

Westpac failed to report almost 8000 corporate transactions to overseas recipients between July 2018 and February 2019, the RBNZ said.

Anti-Bribery & Corruption

Former HKEX Exec Pleads Not Guilty to Corruption Charges

11/08/2021

The former co-head of HKEX’s IPO-vetting team, Eugene Yeoh, was arrested in June 2019 for alleged bribery and misconduct in public office.

PEPs & Sanctions

North Korea Continues to Evade Sanctions – Report

10/08/2021

A draft report by a UN panel of experts says North Korea has continued to evade sanctions through open sea ship-to-ship transfers and other means.

Reporting & Disclosures

Japan FSA Seeks Better Quality ESG, Climate Disclosures

10/08/2021

The FSA plans to establish a new framework for the certification of ESG-related products. It is also exploring mandatory climate risk disclosures.

CBDCs

Cambodia Explores Cross-border Transactions Using ‘Bakong’

10/08/2021

Cambodia launched its Bakong digital currency in October 2020. In the first half of 2021, 1.4 million transactions worth $500mn were recorded.

Structural Regulation

Myanmar Central Bank Restricts Foreign Hiring at Banks

10/08/2021

CBM approval is needed to hire foreign employees. Large banks are limited to 25 foreign employees; medium-sized banks to 15; and small banks to 8.

Payments & Settlements

ACCC Consults on Merger of BPAY, eftpos and NPP Australia

10/08/2021

A court enforceable undertaking is proposed to address concerns that the merger could reduce investment and support for eftpos and decrease the availability of least-cost routing.

Structural Regulation

Australia Tweaks Fee Component of Super Fund Performance Test

10/08/2021

The test will be based on the most recent financial year of administration fees, rather than the past eight years, to incentivise fee reductions.

Resolution & Recovery

India Progresses Key Deposit Insurance Reforms

09/08/2021

The reforms will enable customers to access their deposits within 90 days if a bank is unable to fulfill its obligations due to a moratorium.