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Global Compliance News is a news platform for all compliance-related topics such as new legislation, important court decisions as well as decisions by public authorities. Read the latest AML news and related blogs.
Global Compliance News » AML
5d ago
In brief
With the rise of new technology and digital transformation in recent years, Vietnam’s government has been working on a regulatory framework to govern financial technology (fintech) activities in the country. Back in 2020, the first ever draft of a regulatory sandbox was released, with the expectation that Vietnam would soon have a regulatory framework for fintech to keep up with this global trend. However, there has been no development in the launch of the sandbox until early this March 2024.
On 4 March 2024, the State Bank of Vietnam (SBV) released a new draft decree (“Draft Decree ..read more
Global Compliance News » AML
5d ago
In brief
On 7 March 2024, the Financial Institutions (Miscellaneous Amendments) Bill (“FIMA Bill“) was read for the second time in the Singapore Parliament. Broadly, the FIMA Bill seeks to reinforce the Monetary Authority of Singapore’s (MAS) mandate over Singapore’s financial sector through the following:
Harmonising and enhancing MAS’ investigative powers across six Acts, namely the Financial Advisers Act 2001 (FAA), the Financial Services and Markets Act 2022, the Insurance Act 1966, the Payment Services Act 2019, the Securities and Futures Act 2001 (SFA) and the Trust Companies Act 2005 ..read more
Global Compliance News » AML
5d ago
Mexico has approved amendments to the General Law on Negotiable Instruments and Credit Transactions to allow the use of electronic credit instruments, making commerce transactions more efficient, secure and easier to enforce In brief
Mexican lawmakers have passed amendments to the General Law on Negotiable Instruments and Credit Transactions and the General Law of Credit Organizations and Auxiliary Credit Activities. These amendments allow the issuance of digital versions of credit instruments, such as certificates of deposit, promissory notes, bills of exchange and checks.
The amendments serv ..read more
Global Compliance News » AML
5d ago
This update focuses particularly on the expansion of the scope to domestic money transfer (DMT) service, cross-border money transfer (CBMT) service and digital payment token (DPT) service, and examines who are the persons affected by such expansion, as well as what needs to be done by such affected persons in order to benefit from transitional arrangements and continue operations.
In summary, there are two groups of persons affected by the expanded scope, and different actions apply to each group as follows:
Persons who had started providing the expanded scope of services before 4 Apri ..read more
Global Compliance News » AML
1w ago
The financial sector exemplifies the huge benefits that come from embracing innovation and digital disruption, but staying on the cutting edge of progress demands constant evolution.
You may view the entire article here.
The post Global: The next decade in fintech appeared first on Global Compliance News ..read more
Global Compliance News » AML
1w ago
For all the benefits that fintech has brought to consumers, businesses and societies, it has also introduced new sources of vulnerability to financial systems, raising questions about the latter’s fragility. These systemic risks are interconnected but broadly fall into the following categories:
You may view the entire article here.
The post Global: Fintech and financial stability – weighing the interconnected risks technology poses to financial systems appeared first on Global Compliance News ..read more
Global Compliance News » AML
1w ago
In brief
Further to our January 2024 client alert, the anticipated amendments to the Enforcement Decree of the Financial Services and Capital Markets Act (“FSCMA Enforcement Decree“) have been adopted by the Korean government cabinet on 27 February 2024 and promulgated on 5 March 2024. The amendments to the FSCMA Enforcement Decree are therefore effective as of 5 March 2024.
As of 5 March 2024, domestic employees of multinational companies who have acquired shares under a stock-based compensation program may sell such shares without the involvement of a Korean broker and may deposit proceeds f ..read more
Global Compliance News » AML
2w ago
In brief
Effective on 25 March 2024, the Stock Exchange of Thailand (“SET”) updated the requirements for acquisition, by a listed company or its subsidiaries, of the assets of a non-listed company (“Backdoor Listing”), and the requirements for the listing of securities of a company formed by amalgamation between a listed company and non-listed company (“Relisting”). These revisions aim to strengthen the consideration process and the required qualifications of companies proceeding with Backdoor Listing and Relisting, in order to maintain the same standard comparable to a new listing.
In more de ..read more
Global Compliance News » AML
2w ago
In brief
The African Continental Free Trade Area (AfCFTA) is expected to boost intra-African trade by more than 81 percent in the next decade. To ensure such advantages are obtained, a number of AfCFTA Protocols have been developed to facilitate sustainable investment and harmonize policy and regulations across African Union member states, including a Protocol on Investment. The Investment Protocol provides the continent with a clear set of guidelines and principles to expedite financing and investment across the continent’s new free trade zone. With trade finance considered a critical enabler ..read more
Global Compliance News » AML
2w ago
In brief
On 25 March 2024, the National Securities Commission (CNV) issued General Resolution No. 994/2024 (“Resolution“), which regulates the Registry of Virtual Asset Service Providers (“Registry“) in line with the provisions of Section 38 of the recently amended Law No. 25246 (“Law“). This Law had incorporated virtual asset service providers (VASPs) as AML/FT-regulated entities.
In depth
On 15 March 2024, Law No. 27739, which modifies the legal framework to prevent money laundering, terrorism financing and the proliferation of weapons of mass destruction, was promulgated, substantially upda ..read more