Focus Insight

Digital "stargazing" through 2021: Bank Indonesia overhauls payment system regulations

Bank Indonesia has issued Regulation No.22/23/PBI/2020 on Payment Systems ("Payment System Regulation"), which is an "umbrella" regulation for the…

11 January 2021

LIBOR timing update: US banks welcome delay to LIBOR switch

ICE Benchmark Administration Proposes to Cease the Publication of Certain USD LIBOR Settings and US Regulators Encourage Banks to Stop Using LIBOR…

07 January 2021

Bank Negara Malaysia opens applications for up to five digital bank licences

We previously wrote on BNM’s proposed regulatory framework for digital banks in the exposure draft of the Policy Document (Exposure Draft) here. The…

07 January 2021

The FSCA’s Draft Declaration: Closing in on cryptoassets in South Africa

The Financial Sector Conduct Authority (“FSCA”) published for comment the Draft Declaration of crypto assets as a financial product in terms of the…

05 January 2021

FinCEN’s proposed regulation of virtual assets

A controversial proposed rule from the Financial Crimes Enforcement Network would bring bank-like regulation of virtual asset transactions, including…

05 January 2021

US Congress makes sweeping changes to money laundering enforcement

On New Year's Day 2021, Congress passed--over President Trump's veto--a defense appropriations law containing the Anti-Money Laundering Act of 2020…

04 January 2021

Brexit: Payment regulations on a temporary standstill

Changes are coming to the UK payment services regulatory landscape post-Brexit (from 1 January 2021). However, certain Brexit-triggered changes have…

29 December 2020

FinCEN proposes to extend recordkeeping, reporting, and identity verification requirements to certain virtual currency and digital asset transactions

On Dec. 18, 2020, the U.S. Department of the Treasury, Financial Crimes Enforcement Network (FinCEN) published a Notice of Proposed Rulemaking (NPRM)…

29 December 2020

PHILIPPINES: BSP issues guidelines on the establishment of digital banks

The Bangko Sentral ng Pilipinas (BSP, the Central Bank of the Philippines) has issued Circular No. 1105, Series of 2020 (Digital Bank Circular) dated…

29 December 2020

The FDIC's final rule on applications by industrial banks: a formalised road map for fintechs considering a national banking platform

This advisory discusses the Federal Deposit Insurance Corporation's new Final Rule, which imposes obligations on parent companies of industrial banks…

17 December 2020

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