Category: Regulation

Bank of Japan
March 18, 2024 BY Simon Mugo

Japanese Bank Starts Training Staff on Positive Interest Rates

About 3,300 employees of the Bank of Kyoto are being educated on the significance of interest rates, the process of determining lending rates, and the implications of rising interest rates for both the bank and its clientele through this program. The curriculum includes insights from veteran executives familiar with handling business in a positive interest…

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Doo Financial
March 15, 2024 BY Simon Mugo

Doo Financial Acquires Hong Kong SFC License To Trade Securities

The acquisition of the Type 1 license came after a thorough review of Doo Financial's operational framework, financial health, corporate governance practices, and the qualifications of its team, highlighting the firm's dedication to maintaining stringent compliance with regulatory standards. Armed with this new license, Doo Financial HK Limited is now equipped to carry out a…

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Hong Kong SFC
March 14, 2024 BY Simon Mugo

Hong Kong’s SFC Warns Investors Against ByBit, a Crypto Broker

The regulatory body specifically pointed out various offerings from Bybit, such as futures contracts, options, leveraged tokens, and other cryptocurrency-related services. These offerings have been promoted to Hong Kong's investors without the necessary regulatory approval, which could subject them to considerable financial jeopardy. In Hong Kong, transactions involving crypto-related products are classified as regulated activities…

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Raiffeisen Bank International
February 22, 2024 BY Simon Mugo

Raiffeisen, an Austrian Bank, Is Being Probed for Money Laundering

The investigation focuses on adherence to the critical "know-your-customer" (KYC) regulations, which serve as a fundamental measure against money laundering activities. This development occurs amidst additional investigations by the United States Treasury Department's Office of Foreign Assets Control (OFAC), making Raiffeisen, the leading Western bank operating in Russia, a subject of international regulatory attention. According…

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Santander bank
February 14, 2024 BY Simon Mugo

Santander Says It Did Not Violate US Sanctions on Iran

An internal communication, initially disclosed by Bloomberg News and subsequently verified by Reuters, revealed that Santander's global head of communications announced the bank had undertaken an extensive examination of connections to entities and individuals mentioned in the FT report. The investigation concluded that there were no sanctions breaches within any segment of Santander's international operations.…

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Westpac bank logo
January 31, 2024 BY Simon Mugo

Westpac Bank Fined $1.8M for Unconscionable $12Bn Swap Deal

The Court identified Westpac's approach in the pre-hedging phase of the interest rate swap as unconscionable. The verdict underscores the importance of maintaining ethical standards in financial dealings, particularly high-value transactions. Sarah Court, the Deputy Chairwoman of the Australian Securities and Investments Commission (ASIC), stressed the global necessity of proper conduct in pre-hedging activities. She…

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January 29, 2024 BY Simon Mugo

EU Reiterates Tough Limits on Crypto Firms Without a Base in the Bloc

The EU established the first extensive crypto market regulations globally last year, known as the Markets in Crypto-Assets (MiCA), a significant step in regulating an online sector where enforcing national boundaries has been challenging. The latest EU guidelines detail how non-EU crypto firms and regulators should adhere to MiCA when seeking to provide services directly…

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Finma Logo
January 24, 2024 BY Simon Mugo

Swiss FINMA Appoints Ex-ECB Director Stefan Walter As Its New CEO

A German national, 59-year-old Walter's extensive background in the financial sector is marked by significant roles at global financial institutions. His stint at the ECB, which began in 2014, saw him supervising major banks within the eurozone. In 2020, he transitioned to a role that entailed overseeing risk supervision, focusing on diverse risk categories, including…

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January 24, 2024 BY Elizabeth Anderson

French privacy watchdog fines Amazon €32m for excessive monitoring of warehouse staff

Reportedly, managers at Amazon France Logistique keep such close tabs on employees that it infringes several rules in the European Union’s (EU) General Data Protection Regulation. CNIL’s investigation tagged using barcode scanners at various checkpoints along the chain as intrusive. Amazon strongly contested any irregularity in the use of these devices and said: We strongly…

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January 09, 2024 BY Elizabeth Anderson

Big Tech and financial watchdog clash over regulation of digital payments

The CCIA maintains that supervising the companies that offer digital payment services will choke innovation and progress, and hamstring startups in the industry. This response followed a November 2023 statement by the CFPB, which claimed that financial operations such as smartphone payments and digital wallets emulated traditional payment methods but fell short of user protection.…

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