AML & Financial Services Regulatory Archives

In ESG

International: FInsight Live: The Global Financial Institutions Webinar Series

Watch and listen to Baker McKenzie specialists and industry experts talk about recent legal and commercial developments affecting financial institutions around the world. The latest webinar in the series looks at Sustainability for Financial Institutions – Global Trends and the LatAm Perspective.

In Indonesia

Indonesian New Criminal Code

January 6, 2023 by Andi Y. Kadir, Bernard Sihombing, Reno Hirdarisvita, Luthfi Sahputra and Ivan Anugrah 1 Min Read

This client alert discusses the new Indonesian criminal code, which in a few years will replace the existing criminal code. This alert outlines the key features of the new criminal code, and is the first of a series of client alerts on the new Indonesian criminal code.

In AML & Financial Services Regulatory

Indonesia: Agreement on cross-border QR payment cooperation with Japan

January 6, 2023 by Erwandi Hendarta, Mahardikha K. Sardjana, Eddie Dewanda, Johan Kurnia and Jonathan Edward Tobing 2 Mins Read

In the spirit of Bank Indonesia’s Payment System 2025 Visions that were introduced in May 2019, and in conjunction with the G20 Roadmap for Enhancing Cross-Border Payments, Bank Indonesia has agreed on cooperating with the Japanese Ministry of Economy, Trade and Industry to enable consumers and merchants in both countries to make and accept instant cross-border QR payments. The memorandum of understanding for this cooperation was signed on 9 December 2022 in Tokyo.

In ESG

United Kingdom: Greater scrutiny of equal pay: financial services employers should be vigilant

December 28, 2022 by Monica R. Kurnatowska, Robert Marsh and Rachel Farr 2 Mins Read

Equal pay for men and women has been enshrined in UK law since 1970. Since then, and particularly since the turn of the century, equal pay claims have tended to take the form of mass claims in the public and retail sectors. In recent years, however, there has been renewed focus on individual equal pay claims. We expect that the Financial Conduct Authority will step up its scrutiny of equal pay and remuneration policies.

In AML & Financial Services Regulatory

Indonesia: Supervision of the financial technology sector under the P2SK Law

December 22, 2022 by Erwandi Hendarta, Eddie Dewanda, Mahardikha K. Sardjana, Johan Kurnia, Theresia Fransmanto and Jonathan Edward Tobing 5 Mins Read

On 15 December 2022, the House of Representatives passed the draft omnibus law on the financial sector which is referred to as the “Financial Sector Development and Reinforcement (Pengembangan dan Penguatan Sektor Keuangan) Law” (“P2SK Law”). The draft law is currently under an enactment process with its effective date to be further announced. The P2SK Law, among other things, stipulates the reconfiguration of supervisory powers among the different regulators over a number of sectors (including the financial technology and digital financial assets sectors) that had been overlapping and led to regulatory gaps.

In Indonesia

Indonesian New Criminal Code

December 22, 2022 by Andi Y. Kadir, Bernard Sihombing, Reno Hirdarisvita, Luthfi Sahputra and Ivan Anugrah 1 Min Read

In AML & Financial Services Regulatory

United States: Updates on the FinCEN Renewed and Expanded Real Estate Geographic Targeting Orders

December 21, 2022 by Lyubomir (Lubo) Georgiev 5 Mins Read

In its press release published on 26 October 2022, The Financial Crimes and Enforcement Network announced that its Acting Director renewed and expanded its Geographic Targeting Orders beginning on 27 October 2022 and ending on 24 April 2023 (with certain exceptions).

In AML & Financial Services Regulatory

EMEA: Crypto Assets in Employee Compensation, Business and Wealth Management

December 21, 2022 by Agnès Charpenet, Lyubomir (Lubo) Georgiev, Ludmilla Maurer and Alfie Turner 1 Min Read

This webinar on 17 January 2023 will explore key questions and examples of the state of play of crypto (or digital) assets across a number of jurisdictions and the tax impact and rules on employee compensation as well as considerations from a wealth management perspective.

European Union: DAC 8 – Implementation of Crypto-Asset Reporting Framework published

December 20, 2022 by Javier Blázquez and Roger van de Berg 10 Mins Read

On 8 December 2022, the European Commission proposed a text amending Directive 2011/16/EU on administrative cooperation in the field of taxation. DAC8 provides, among other things, the following: changes to the existing DAC framework, rules on advance cross-border rulings for high-net-worth individuals, and a crypto-asset reporting framework for competent EU authorities.

In AML & Financial Services Regulatory

Global: Crypto Boot Camp 2022

This virtual seminar series provides insights on how the regulatory landscape is changing and discuss the future of crypto within the financial services sector. Recordings of the following sessions are now available — The Crypto Ecosystem; Integrating Crypto into Established Financial Services (Part 1: Funds and Listings and Part 2: Practical Considerations); Crypto Risk: Significant Legal and Regulatory Risks; A Deep Dive into NFTs; and DeFi (Decentralized Finance).