Good afternoon, Subscribers! We hope you have had a productive, and above all a healthy week.
This week in APAC headlines, Hong Kong's Accounting and Financial Reporting Council (AFRC) stated their expectation that all audit firms and their employees must adhere to the relevant laws and regulations outlined in the accountants' code of ethics, while the Monetary Authority of Singapore (MAS) issued a reprimand to the registered fund manager RVP One and its chief executive for breaching the Securities and Futures (Licensing and Conduct of Business) Regulations. In other news, the chairman of Taiwan's top financial regulatory agency stated that his organisation has prepared contingency plans to address any potential outcomes that may arise from upcoming the U.S. presidential election.
In news out of the United States, former President Donald Trump has stated, at one of the largest annual cryptocurrency industry events, that if he were re-elected he would dismiss the Securities and Exchange Commission (SEC) Chair, Gary Gensler, on his first day back in office. In a related matter, the SEC charged the founder and former CEO of IRL, a privately held social media startup, with defrauding investors through false statements about the company's growth and concealing his personal use of company credit cards. In other developments, the Federal Deposit Insurance Corporation (FDIC) voted to advance a proposal that would give the agency more authority to regulate and oversee asset managers and other firms that build large stakes in banks.
In EMEA headlines, the United Kingdom's Financial Conduct Authority (FCA) have initiated a review that could lead to the streamlining of regulations governing the financial services industry, with the aim of reducing the burden on businesses, while the Swiss Financial Market Supervisory Authority (FINMA) have put forward new guidelines for stablecoin issuers, in an effort to strengthen regulatory oversight and address financial risks. Meanwhile, INTERPOL announced the introduction of a new module called Silver Notices aimed at directly addressing the issue of money laundering and illicit financial flows.
As always, please feel free to reach out to us for updates on Live Jobs, Movers and Shakers, and Market Intelligence.
Movers and Shakers
AIA Hong Kong and Macau - Mark Shum, Head of Compliance, from Sun Life. (Hong Kong)
China Securities Regulatory Commission - Li Ming, Vice Chairman, internally promoted. (Beijing)
Morgan Stanley - Michael Dennis Meehan, Managing Director, Head of Global Financial Crimes, from Goldman Sachs. (New York City)
Triumph Financial - Mitchell Lee, Chief Risk and Compliance Officer, from Synctera. (Dallas)
News of the Week
APAC
Cambodian online marketplace outed as one-stop shop for scammers' money laundering and 'detention equipment' needs.
Hong Kong police arrest 40 in crackdown on loan shark syndicate.
China’s JD Leads Initiative to Issue HK Dollar Stablecoin on Blockchain.
Hong Kong's Green Taxonomy Framework Sets the Stage for Sustainable Finance Leadership.
New financial regulator aims to forge strong ties with financial watchdog.
South Korea prepares support for e-commerce vendors hit by payment delays.
MAS raps registered fund manager, its CEO for not complying with regulatory requirements.
Taiwan's top financial regulator Peng prepared for US election outcome.
Chief Executive of the HKMA Responds to His Re-Appointment.
Billion-dollar money laundering case: Last of 10 offenders deported to Cambodia.
Hong Kong audit regulator says it expects full compliance with laws and regulations.
Eddie Yue gets 2nd HKMA term to lead Hong Kong's de facto central bank through complexity.
Americas
Two Men Plead Guilty to Acting as Illegal Agents of Chinese Government and Bribery.
SEC Charges Nader Al-Naji with Fraud and Unregistered Offering of Crypto Asset Securities.
US Bank Regulator Looks to Tighten Control of Asset Managers' Bank Stakes.
Trump courts crypto industry votes and campaign donations.
SEC Charges Andrew Left and Citron Capital for $20 Million Fraud Scheme.
SEC Charges Founder of Social Media Company “IRL” with $170 Million Fraud.
SEC likely still believes SOL is a security, say crypto execs.
Statement by Jonathan McKernan, Director, FDIC, Board of Directors, on the Proposed Amendments to the Change in Bank Control Act Framework.
EMEA
UK Financial Conduct Authority: Financial Regulator Seeks To Reduce Burdens On Firms And Support Growth.
Seven banks share data with UK law enforcement in 'dirty money' crackdown.
Crypto-friendly fintech Revolut secures banking license from UK financial regulator.
BNP Paribas Fined by German Regulator Over Failure to Disclose Costs.
FCA fines Coinbase’s UK business for money laundering failings.
Interpol unveils new module for tackling money laundering.
Ex-airport policeman extradited over money laundering.
Swiss regulator FINMA targets stablecoin issuers in new proposal.
Fewer prospectuses key to FCA reform proposals.
The EU AI Act Is Here—With Extraterritorial Reach.
UK’s FCA Gives Green Light to Kuwait-Based Broker NCM.
Digital Operational Resilience In The Financial Services Sector: EU and UK Update.
Aus&Nz
ASIC Seeks Input on Cash Equity Clearing Rules.
ASIC extends relief for foreign financial services providers from requirement to hold AFS license.
ASIC approves ABA’s revised Banking Code: What you need to know.