Hong Kong are due to become the first market outside of mainland China to test the digital yuan
Good afternoon, Subscribers! We hope you have had a productive, and above all a healthy week.
This week in APAC headlines, Hong Kong are due to become the first market outside of mainland China to test the digital yuan, with a pilot expected to be launched later this month. Meanwhile, the People’s Bank of China (PBOC), the China Banking and Insurance Regulatory Commission (CBIRC) as well as the China Securities Regulatory Commission (CSRC) have issued new guidelines financial institutions must follow in regard to customer due diligence and transaction records.
In news out of the United States, the Department of the Treasury released a study on the potential to conduct illicit money laundering or terrorist financing operations within the NFT space, while 2 individuals have been arrested in New York, for allegedly conspiring to launder Bitcoin worth upwards of USD$4.5 billion.
In EMEA headlines, the UK's Financial Conduct Authority (FCA) have warned banks to stay vigilant and test their cyber defences, as fears grow of Russian-sponsored cyber attacks, while Meta have threatened to pull Facebook and Instagram out of the European Union, over concerns that their compliance costs may significant increase as a result of the EU's Digital Services Act and General Data Protection Regulation.
As always, please feel free to reach out to us for updates on Live Jobs, Movers and Shakers, and Market Intelligence.
Movers and Shakers
HSBC - Carol Li, Chief Compliance Officer, Hong Kong and Macau, internally promoted. (Hong Kong)
HSBC - Debra Au, Head of Financial Crime Compliance, HK & GBA, internally promoted. (Hong Kong)
Bank of America Merrill Lynch - Aoife McGillion, APAC Climate Risk Oversight Executive, internally promoted. (Hong Kong)
Biocept - Darrell Taylor, Senior Vice President, General Counsel and Chief Compliance Officer, from Precision Diagnostics LLC. (San Diego)
News of the Week
APAC
Hong Kong’s SFC faces staff shortages, increases budget to compete with financial firms.
Goldman banker goes on trial over Malaysia's 1MDB corruption scandal.
People’s Bank of China continues money laundering crackdown via new rules on customer transactions.
China Could Take Further Measures to Rein in Yuan Former Regulator.
SFC and HKMA Introduce Requirements for Hong Kong Licensed Firms and Banks Dealing with Virtual Assets and Virtual Asset Service Providers.
China’s Overseas Listing Rules Reduce Regulatory Uncertainty.
China’s Regulatory Plans for Technology Companies and the Platform Economy in 2022.
Hong Kong to Roll Out E-Yuan Pilot This Month.
China arrests former deputy banking regulator on bribery charges.
Americas
State officials urge SEC to probe if Apple misled investors on nondisclosure rules.
US regulators should block costly fintech loans, advocates say.
Colombia's progress in strengthening measures to tackle money laundering and terrorist financing.
US Treasury targets NFTs for potential high-value art money laundering.
Head of U.S. derivatives regulator urges key crypto role for agency.
SEC Chair Gary Gensler wants to know more about what hedge funds and private equity are doing.
Two Arrested for Alleged Conspiracy to Launder $4.5 Billion in Stolen Cryptocurrency.
The SEC subpoenas Tesla over one of Elon Musk’s tweets again.
SEC Chairman Gary Gensler embarks on ambitious regulatory agenda. What it means for investors.
SEC again delays decision on Grayscale’s Bitcoin ETF.
SEC Proposed Changes to Two Whistleblower Program Rules.
EMEA
BaFin Warns Investors of Crypto Trading Advices on Social Media.
EU supervisors recommend action to tackle digital finance developments.
Swiss bank faces money-laundering trial over Bulgarian drug funds.
FCA warns banks of Russian cyber attacks as Ukraine tensions ripple through European finance.
London is a ‘magnet for dirty money’, says UK government’s anti-corruption tsar.
Meta threatens to pull the plug on Facebook and Instagram in Europe over data privacy dispute.
Arion House Live Jobs
Director, Portfolio Compliance Manager @ Hong Kong based Corporate
Director, Asia Anti-Fraud Lead @ Multinational Insurance Company
VP, Principle, Legal & Compliance @ U.S. based Private Equity Firm
VP, Senior Racing Security & Integrity Assurance Manager (Investigations) @ Hong Kong based Corporate
VP/Director, Head of Hong Kong Compliance @ Multinational Asset Manager
VP, PWM Compliance Manager, Deputy Head @ Multinational Investment Bank
Senior Consultant (Asset Management) @ Multinational Consultancy
Senior Consultant (Capital Markets) @ Multinational Consultancy
AVP/VP, Compliance Manager, Warrants @ Hong Kong Investment Bank
AVP, Compliance Testing @ European Investment Bank
Consultant @ Multinational Consultancy
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