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AML / KYC
US DOJ Penalises Swiss Life for Facilitating Tax Evasion
By Editors | 16/05/2021
Swiss Life and its subsdiaries created and marketed insurance products specially designed for US persons seeking to hide offshore assets and evade tax.
Securities / Derivatives
SEC Thailand Issues Guidelines for Distressed Bond Funds
By Editors | 13/05/2021
Only institutional and ultra-HNW investors will be allowed to invest in distressed bond funds, which will be non-redeemable but have a maturity date prescribed.
AML / KYC
Philippine SEC Rates Securities Sector for Money Laundering
By Sanday Chongo Kabange | 12/05/2021
The SEC found that investment houses and underwriters presented ‘medium-high’ risk, compared to ‘medium’ risk for the securities sector overall.
Securities / Derivatives
Philippine SEC Joins ASEAN Framework for Cross-border Funds
By Editors | 12/05/2021
Regulators from Singapore, Malaysia and Thailand – already part of the initiative – have signed a supplemental MoU admitting the Philippine SEC into the CIS framework.
Securities / Derivatives
CFA Institute Launches Working Group to Examine SPACs
By Sanday Chongo Kabange | 11/05/2021
The working group will publish a report in early 2022 and present its findings and policy recommendations, to US and global regulators.
AML / KYC
US Court Lifts Investment Ban Against Luokung Technology Corp
By Editors | 10/05/2021
Separately, China Mobile, China Unicom and China Telecom have lost their appeals of a NYSE decision to delist their shares.
Market Infrastructure
ARRC Identifies Indicators for Recommending SOFR-based Term Rate
By Editors | 09/05/2021
The ARRC has published guidance on the indicators it will use to measure the progress needed to recommend a SOFR-based term rate.
Market Infrastructure
US Banks Execute First BSBY-Linked Swaps Transaction
By Editors | 06/05/2021
Bank of America and JPMorgan Chase entered into a $250mn one-year basis swap with one side tied to BSBY, the other to SOFR.
AML / KYC
US Lawmakers Call for ‘War-like Footing’ Against Corruption
By Editors | 05/05/2021
In a letter to Janet Yellen, two lawmakers have called for AML obligations to be expanded to hedge funds, private equity, and other professional enablers.
AML / KYC
Ex-Netflix VP Convicted of Money Laundering, Fraud
By Sanday Chongo Kabange | 05/05/2021
The executive approved millions of dollars in contracts for Netflix to purchase IT products and services in exchange for kickbacks.
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