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Indonesia: The OJK has issued a new regulation on risk management for Non-Bank Financial Institutions

by , , and 4 Mins Read

The Indonesian Financial Services Authority (OJK) has issued OJK Regulation No. 44 of 2020 on Risk Management for Non-Bank Financial Institutions. Non-bank financial institutions under this regulation include insurance companies, pension funds and financing companies. This regulation replaces OJK Regulation No. 1 of 2015 on the same subject matter. This regulation has already come into effect.

In this publication, we focus on the impact of the regulation on insurance companies and insurance intermediary companies. For the purpose of this publication, ‘insurance companies’ also refers to insurance intermediary companies.

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In AML & Financial Services Regulatory

Latin America: Donations to Public Administration in Latin America

by , , , , , , , , , , , , and 1 Min Read

In view of the health crisis in Latin America following to the outbreak of COVID-19, as well as the economic and social impacts of this situation, many people and companies have expressed interest in collaborating with the governments to support their goal of preventing and controlling the spread of the…

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In AML & Financial Services Regulatory

Singapore: MAS proposes new regulation for Singapore persons performing digital token services outside Singapore

by and 7 Mins Read

The Monetary Authority of Singapore (MAS) proposes a new Omnibus Act1 (New Act), which will contain a new regulatory framework for Singapore digital token service providers performing digital token services outside Singapore. The new regulatory framework entails two key aspects: (a) licensing requirements; and (b) anti money laundering (AML) and countering the financing of terrorism (CFT) regulations

In AML & Financial Services Regulatory

United States: This Week in Government Enforcement

by 1 Min Read

Please join us for a new weekly video series, hosted by Baker McKenzie’s North America Government Enforcement partners Tom Firestone and Jerome Tomas.

This weekly briefing is available on demand and will cover hot topics and current enforcement actions related to white collar crime and criminal investigations in the US and abroad to arm you with the information you need to start your business week.

As one of the largest global law firms, we will call upon our exceptionally deep and broad bench of white collar experts throughout the world and particularly in the commercial hubs of Europe, Asia, Africa and Latin America to join our weekly discussion series.

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In AML & Financial Services Regulatory

2020 Virtual Global Trade Conference

by , , , , , , , , , , , , , , , , and 3 Mins Read

Welcome to our first Virtual Global Trade Conference, a virtual offering for all our clients and friends worldwide.…

In AML & Financial Services Regulatory

Hong Kong: Securities and Futures Commission releases Policy Statement and Monetary Authority publishes inSight article on their regulatory approach

by , and 6 Mins Read

Against the backdrop of an environment of rapid legal changes, the Hong Kong Securities and Futures Commission (SFC) issued a Policy Statement and the Hong Kong Monetary Authority (HKMA) published an article in its official column inSight, setting out their respective ongoing approach to regulation. We discuss the Policy Statement and inSight article and their genesis.

In AML & Financial Services Regulatory

Hong Kong: Monetary Authority releases Consultation Paper on Enhancing the Regulation and Supervision of Trust Business

by , , , and 10 Mins Read

The Hong Kong Monetary Authority (HKMA) has released a Consultation Paper on Enhancing the Regulation and Supervision of Trust Business (Consultation Paper). The HKMA plans to introduce a Code of Practice for Trust Business (Code) to be incorporated into a new Supervisory Policy Manual (SPM) applicable to all authorized institutions (AIs) and local subsidiaries of locally incorporated AIs (AI subsidiaries) conducting trust business in Hong Kong. The aim of the Code is to enhance protection of client assets held on trust and better align with international standards and practices to promote the fair treatment of customers and a customer-centric culture in the trust business. We discuss some of the HKMA’s proposals and their potential application.

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