Good afternoon, Subscribers! We hope you have had a productive, and above all a healthy week.
This week in APAC headlines, the Hong Kong Monetary Authority (HKMA) decided against granting any additional virtual bank licenses following a review, which concluded that the eight existing virtual banks currently operating in the market are sufficient, and that issuing new licenses could potentially hamper the continued growth and development of the virtual banking sector. Meanwhile, the Chinese National Financial Regulatory Administration (NFRA) imposed fines on 17 banks for violating regulations related to loan management products and lending practices; an action that represents the NFRA's ongoing efforts to enhance oversight and regulation of financial institutions and markets.
In news out of the United States, the SEC pushed back against Coinbase's "breathtakingly broad" subpoena requests seeking nearly all documents related to cryptocurrency, as the two entities continue their legal battle over the crypto exchange's attempt to subpoena the SEC and its leadership. Additionally, the U.S. Department of Justice (DOJ) have introduced new policies aimed at incentivizing individuals and corporations to report corporate crimes, marking a shift in how the DOJ approaches enforcement against companies, and increasing the risk of investigations being initiated based on such reports.
In EMEA headlines, the Swiss Financial Market Supervisory Authority (FINMA) have issued new guidance on stablecoin issuance, outlining applicable financial market laws, including AML regulations and default guarantee requirements. In a separate development, the UK's Serious Fraud Office (SFO) charged former Glencore head of oil with two counts of conspiracy to make corrupt payments to government officials and state-owned oil company officials in Nigeria between 2010-2014 and in Cameroon between 2007-2014.
In news out of Australia, ASIC and the Australian Competition and Consumer Commission (ACCC) are testing the scope of unfair contract terms laws through various Federal Court cases, after the regime was reformed late last year. In other news, Mercer Superannuation have been fined A$11.3m (USD$7.4m / HKD$57.72m) by an Australian court for misleading statements that "greenwashed" the sustainability of some investment options offered to its members.
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
China’s anti-corruption squads target funeral officials making a killing from the dead.
SEBI Chief Answers Query That Quick Pace Of Regulations Has Complicated Compliance.
Hong Kong Hits AIA With Record Fine for Anti-Money Laundering Lapses.
Hong Kong police cut off 2 alleged phone fraud syndicates said to have scammed HK$26.5 million.
Chief financial regulator calls for 'calm' and 'rational' action following stock market plunge.
Ex-site team leader of Third Runway Project charged by ICAC jailed 6 months for bribery.
South Korea financial regulator closely watching stock market volatility.
Hong Kong to end deposit-taking companies as part of reform to simplify banking structure.
China’s financial regulator slaps fines on 17 banks over irregularities.
HKMA: No Profitability Achieved at Local Virtual Banks.
Former senior legislator of China's Guangxi indicted for bribery.
Japan regulator tells financial firms to reassure nervous new investors.
Hong Kong rules out more virtual banks, citing need for ‘healthy development’ of sector.
Law passed to allow courts to sell seized properties linked to criminal activities such as money laundering.
Americas
Federal Financial Regulatory Agencies Propose Joint Data Standards.
Colombia man sentenced to Massachusetts prison for money laundering.
SEC awards whistleblower more than $37M.
Ripple CEO Hails Court Ruling in Case Brought by SEC.
Prudential Regulators Propose Rules Amending Anti-Money Laundering Requirements: Is Your Financial Institution Ready?
Department of Justice Formally Adopts New Policies to Encourage Corporate Whistleblowers.
SEC Asks NY Court to Deny Coinbase’s ‘Breathtakingly Broad’ Subpoena Request.
SEC pushes back against Coinbase's 'overly broad' discovery requests.
SEC Does Not Appeal Fifth Circuit’s Overturn of SEC Private Funds Rules.
EMEA
Glencore’s ex-head of oil charged with bribery offences by Britain’s Serious Fraud Office.
Swiss Financial Regulator Issues Stablecoin Guidelines, Emphasizing AML Obligations and Default Guarantee Requirements.
FCA helps improve crypto firms’ compliance with new marketing rules.
Commodities giant Glencore is ordered to pay over $150M in wake of Congo mining bribery case.
Aus&Nz
ACCC Joins Call For Centrepay Reforms Amid Rising Concerns Over Exploitation, Non-Compliance.
ASIC and Vietnam’s SSC Formalize Regulatory Partnership with New MoU.
Chinese nationals jailed over 'eye-watering' money laundering scheme in Melbourne's east.
Mercer hit with $11.3m greenwashing penalty.
Australian Securities and Investment Commission signs MoU with State Securities Commission Viet Nam.
Unfair Contract Terms Continue To Be a Major Enforcement Priority For ASIC and the ACCC: Prosecutions of PayPal and Auto & General Insurance.
Police raided the home and offices of Australian fraudster just a month before he died and $49m vanished.