Market Abuse

Korea: New Rules for CFD Trading to Take Effect from 1 Sept

20/07/2023

Securities firms that conduct CFD trading and brokerage business must submit investor balances to KOFIA on a daily basis.

Anti-Money Laundering

US Fed Fines Deutsche Bank for Slow Remediation of AML Deficiencies

20/07/2023

The Fed Board said Deutsche Bank made “insufficient remedial progress” under 2015 and 2017 consent orders and still has deficient AML internal controls and governance processes.

Fraud, Scams & Cybercrime

MAS Issues Five Year Ban on Former Prudential Representative

20/07/2023

The former representative edited and submitted 11 false invoices to Prudential and deceived the company into making payouts to her clients.

Structural Regulation

Deposit Caps Raised for Singapore Digital Banks GXS, Maribank

19/07/2023

Grab’s GXS Bank and Sea’s Maribank have both increased the maximum deposit allowed in savings accounts from S$5,000 to S$75,000.

Climate Risk

CFTC Meets to Discuss Integrity in Voluntary Carbon Markets

19/07/2023

The CFTC held its second Voluntary Carbon Markets Convening to identify steps to ensure integrity and resilience of voluntary carbon markets.

AI Risk & Governance

Chinese Authorities Release New Rules for Providers of Generative AI Services

19/07/2023

The rules require training data to be accurate, generated content to be properly labelled, security assessments to be performed, and channels for complaints reporting to be established.

Conduct, Culture & Accountability

Deloitte Australia’s CEO Admits to Being Overpaid in Public Hearing

19/07/2023

Deloitte Australia’s CEO Adam Powick told a Senate committee his position is not worth a salary that is seven times that of the prime minister’s.

Fraud, Scams & Cybercrime

NAB Blocks Payments to “High-risk” Cryptocurrency Platforms

18/07/2023

NAB will initially block “several” cryptocurrency exchanges that it has concerns with, but this could be expanded further in future.

Fraud, Scams & Cybercrime

Singapore Imposes Record 19-Year Jail Term on Former Lawyer

18/07/2023

The case involves the misappropriation of S$76mn in clients’ funds over three years by the former lawyer, previously the managing partner of JLC Advisors LLP.