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Big Picture
BIS Report Outlines Common Foundation for Retail CBDCs
By Editors | 11/10/2020
Any decision to launch a CBDC would depend on an informed judgment that the risks can be managed, including the risk of disintermediating banks or enabling ‘digital runs’.
Crypto / Digital Assets
Thailand: SET to Establish Digital Asset Trading Platform
By Sanday Chongo Kabange | 08/10/2020
The new platform will provide new fundraising channels for businesses and create opportunities for investors, as Thailand seeks to develop its digital economy.
AML / KYC
Fed Orders Citigroup to Correct “Longstanding Deficiencies”
By Editors | 08/10/2020
The Fed has ordered Citigroup to remediated enterprise-wide risk management and controls deficiencies. The OCC has penalised Citibank $400mn for the same deficiencies.
Fintech / Regtech
PBOC Outlines Progress from Digital Yuan Pilot Tests
By Sanday Chongo Kabange | 07/10/2020
Over 113,300 personal and 8,000 corporate digital wallets have been opened as part of the ongoing DC/EP tests, according to PBOC deputy governor Fan Yifei.
Securities / Derivatives
HKFE Obtains CFTC Certification for More MSCI Contracts
By Editors | 06/10/2020
Two broad-based Taiwan equity index contracts have received CFTC certification, allowing them to be offered and sold to persons in the US.
Enforcement
CFTC Fines Morgan Stanley Over Inaccurate Swaps Reporting
By Editors | 06/10/2020
Morgan Stanley’s cooperation with the CFTC investigation was rewarded with a reduced civil monetary penalty of $5mn.
Market Infrastructure
ISDA Receives Positive Business Review Letter from DOJ
By Manesh Samtani | 05/10/2020
The letter brings ISDA a step closer to publishing a supplement and related protocol that will make IBOR fallbacks in derivatives a reality.
AML / KYC
Ransomware Payments May Breach OFAC Regulations
By Sanday Chongo Kabange | 03/10/2020
OFAC makes clear in a new advisory that it may impose civil penalties if ransomware payments are made to sanctioned individuals or entities.
AML / KYC
BitMEX Founders Charged for Evading AML Requirements
By Editors | 03/10/2020
Four individuals were charged for “willfully” failing to establish, implement, and maintain an adequate AML programme that included a KYC component.
Enforcement
CFTC Settles Charges Against Citi Over Deleted Audio Recordings
By Editors | 01/10/2020
Citi’s audio preservation system deleted more than 2.77 million audio files, including recordings that were subject to a December 2017 CFTC subpoena.
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