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Big Picture
APAC Overtook US in AML Penalties For 2020: Fenergo
By Editors | 10/12/2020
APAC has overtaken the US in terms of the value of enforcement actions for the first time since 2015, largely due to the Goldman and Westpac cases.
Fintech / Regtech
Philippines: UnionBank, StanChart Complete Bond Tokenisation POC
By Editors | 10/12/2020
A dual tranche issuance totalling PHP 9 billion was mirrored on a bond tokenisation platform co-created by UnionBank and SC Ventures.
AML / KYC
Philippine SEC Proposes Stronger Rules on Beneficial Ownership
By Editors | 08/12/2020
The SEC is seeking to require the disclosure of beneficial owners, nominators, principals, and nominee arrangements within 10 days from a company’s registration.
AML / KYC
US Sanctions Another 14 Chinese Officials Over Hong Kong
By Editors | 08/12/2020
A Chinese foreign ministry spokesperson said Beijing would take “firm counter-measures against the malicious actions by the US”.
AML / KYC
US Congress Includes Corporate Transparency in Defence Bill
By Editors | 08/12/2020
The legislation will establish reporting requirements on beneficial ownership information, which could effectively end anonymous shell companies in the US.
AML / KYC
US Designates Four More Companies as Linked to Chinese Military
By Manesh Samtani | 06/12/2020
US investors will be prohibited from buying securities issued by the four companies, which include CNOOC and SMIC, from 1 February 2021.
Market Infrastructure
IBA Consults on Intention to Stop Publishing LIBOR
By Editors | 06/12/2020
IBA intends to continue publishing the overnight and 1, 3, 6 and 12 month USD LIBOR settings until 30 June 2023. All other LIBOR settings would cease by 31 December 2021.
AML / KYC
China Imposes Reciprocal Sanctions Against Four US-Linked Individuals
By Editors | 06/12/2020
Four individuals at US-linked nonprofits are barred from entering China, including Hong Kong and Macau, for having “performed badly” over Hong Kong affairs.
Securities / Derivatives
Bill to Block Chinese Listings on US Markets Passes Congress
By Editors | 03/12/2020
Once the President signs the bill into law, Chinese companies would be blocked from listing in the US if they don’t submit to PCAOB audits.
AML / KYC
The Increasing Reliance on Data for Sanctioned Securities Screening
By Manesh Samtani | 02/12/2020
The onus often falls on FIs to uncover any links between sanctioned entities and potentially related securities, which can involve a significant data challenge.
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