Enforcement

Crypto Exchange Pays OFAC USD 1.2 Million to Settle Crimea Violations

14/12/2023

US-based CoinList Markets processed 989 transactions on behalf of users in the Crimea region in violation of OFAC sanctions regulations.

ESG / Sustainability

COP28 Nations Agree to ‘Transition Away’ from Fossil Fuels

14/12/2023

The agreement calls on countries to transition away from fossil fuels in energy systems and boost renewable energy capacity and energy efficiency.

Market Infrastructure

RBNZ Returns to Single Mandate, Renewing Focus on Inflation

14/12/2023

The RBNZ was tasked with a dual mandate in 2018, targeting both low inflation and full employment. “This change was a mistake,” said Finance Minister Nicola Willis.

ESG / Sustainability

Taiwan Sets Requirements on Disclosure of Director Remuneration

13/12/2023

Financial holding companies, banks, securities firms and insurers will have to disclose director remuneration under specified conditions.

Enforcement

China NFRA to Apply More Discretion in Penalty Decisions

13/12/2023

The NFRA says it will strictly abide by the principles of legality, proportionality, and due process when handing out penalties to banks and insurers.

Market Infrastructure

PBOC Establishes Yuan Clearing Arrangement With Serbia

13/12/2023

Agreements to establish yuan clearing arrangements have also recently been signed with Cambodia, Brazil, Kazakhstan, Laos and Pakistan.

Taiwan FSC Completes Review to Identify Outdated Regulations

13/12/2023

Nearly 9,000 letters and orders will be removed as of 20 December. Four new measures will be adopted in 2024 to improve the regulatory environment.

Capital / Liquidity

UK Releases Policy Statement on Basel III Implementation

13/12/2023

The statement covers the standards for market risk, CVA risk, counterparty credit risk, and operational risk. A second release in Q2 2024 will cover the remaining elements.

AML / KYC

AUSTRAC Announces Regulatory Priorities for 2024

13/12/2023

AUSTRAC will scrutinise the banking, gambling and remittance sectors, as well as crypto firms, payment platforms and non-bank lenders.