Good afternoon, Subscribers! We hope you have had a productive, and above all a healthy week.
This week in APAC headlines, Hong Kong's Independent Commission Against Corruption (ICAC) issued a warning to the public regarding the impersonation of its employees, following an incident in which a mainland Chinese tourist allegedly posed as an agency investigator in photos shared online. Meanwhile, a legal expert, Yang Kai, a professor at East China University of Political Science and Law has emphasised the urgent need for China to standardize methods for recovering billions of yuan in confiscated digital assets, following recent legal revisions aimed at combating money laundering through virtual currencies.
In news out of the United States, Ripple Labs' legal team has requested a stay on the USD$125m (HKD$972m) judgment from August 7 in its case against the SEC. In a September 4 filing, they noted the SEC agreed to delay the payment deadline and proposed depositing about USD$139m (HKD$1.03b) into a bank account until 30 days after the appeal period ends or the appeal is resolved. Meanwhile, Acting Comptroller of the Currency Michael Hsu has highlighted the necessity of proactive oversight in addressing cryptocurrency risks, referencing the 2022 market collapse that resulted in a USD$2 trillion loss, during which effective supervision maintained bank stability, and underscoring the importance of vigilant monitoring as digital assets and fintech increasingly merge with traditional banking, introducing new challenges and risks.
In EMEA headlines, the United Kingdom's Financial Conduct Authority (FCA) reported a 78% decrease in withdrawn digital asset applications over the past year, indicating improved compliance with regulations; however, it also noted a decline in registration applications and prolonged approval times. In a separate development, European Union antitrust regulators will seek feedback next week on Google's proposals to adhere to technology regulations aimed at ensuring fair competition, which could influence the decision on whether the company will face formal charges.
As always, please feel free to reach out to us for updates on Live Jobs, Movers and Shakers, and Market Intelligence.
Movers and Shakers
BNP Paribas - Dimitri Hardouin-Deleuze, Chief Compliance Officer, APAC, internally promoted. (Hong Kong)
Deutsche Bank - Nita Patel, Head of Anti-Financial Crime & Group Anti-Money Laundering Officer, from Credit Suisse. (London)
ECIJA - Silvia Zamorano Baca, Compliance, Ethics & Integrity Lawyer, from Deloitte Legal. (Madrid)
News of the Week
APAC
BOCHK takes part in HKMA’s Project Ensemble Sandbox.
Tencent’s WeChat Pay Hong Kong fined HK$875,000 by HKMA for lapses in due diligence.
Former ICBC vice president prosecuted for suspected bribery.
HKMA Alerts Public to Fraudulent Social Media Page Linked to Bank of Singapore.
HSBC, 13 other lenders pledge to support Hong Kong SMEs amid financing struggles.
ICAC Three-Runway System Project’s sub-contracts bribery cases: Ex-AAHK Principal Manager admits $3.3m bribery and money-laundering.
Japans Financial Regulator Mulls Taxing Crypto as Financial Asset.
China’s money-laundering crackdown needs ‘urgent’ plan to recover illicit digital assets.
Senior policeman charged with taking HK$1.1m of bribes.
Hong Kong’s anti-corruption body issues warning after tourist poses as investigator.
Financial regulator to conduct inspection of crypto exchanges.
Former Supreme Court judge pleads guilty to bribes.
Alibaba’s 3-Year ‘Rectification’ Period Over, Says Regulator.
India's ICICI Bank says it did not give salary or employee stock options to regulatory chief.
Taiwan court orders release of ex-Taipei mayor arrested in corruption probe.
GSBN joins HKMA’s Project Ensemble to accelerate electronic Bill of Lading tokenisation and bridge multi-trillion-dollar trade finance gap.
U.S. SEC commissioner visits FSC to discuss virtual asset regulations.
Alibaba completes antitrust compliance overhaul.
China places former chairman of top aircraft maker AVIC under investigation for corruption.
Americas
Ripple and SEC agree to stay $125M judgment, hinting at appeal.
US regulator finds banks have work to do on climate risk, sources say.
US Banking Regulator Calls for Stronger Oversight of Crypto Risks.
SEC Charges Former Finance Director at CIRCOR International with Accounting Fraud.
US SEC abandons in-house malpractice suits after Supreme Court ruling.
CFTC Awards Over $4 Million to Insider Whistleblower.
Why is the SEC going after digital art and monkey pictures? Law Decoded.
SEC Charges Crypto-Focused Advisory Firm Galois Capital for Custody Failures.
EMEA
FCA's faux pas over whistleblower is bad for confidence.
Financial Regulator’s Improved Performance Set to Help UK Finance Sector Thrive.
FCA: Banks Need to Make It Easier to Create Accounts.
UK-US Data Bridge: Practical Tips for Implementation and Compliance.
EU regulators to seek feedback on Google's compliance proposals to avert charges.
Russian TV presenter charged with violating US sanctions and money laundering.
Money-laundering raids see three arrests.
Qatar introduces regulatory framework for digital assets.
UK digital asset registration dips, compliance rises.
Aus&Nz
Australia's banking regulator to conduct stress tests on private credit risks.
Crypto-Related Frauds Lead Australia’s $259M Investment Scam Epidemic.
ASIC's determination to regulate Crypto Currency and Crypto Asset Investments.