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Shearn Delamore & Co | Malaysia | 14 Sep 2021

Now you see me, now you don't: what can be done if a bank fraudster's identity is unknown?

In the age of the Internet and technology, banking scams and fraud abound. Where such bank fraud is committed, it is often the case that the fraudster disappears and their identity remains unknown. How courts grant relief where the identity of the perpetrator of a bank fraud is unknown was addressed in two Malaysian court decisions in 2021. It is hoped that the principles set down in these......
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PHH Rechtsanwälte | Austria | 14 Sep 2021

10 things to know about Austrian stamp duty

While it has its origins in the Habsburg monarchy, the Stamp Duty Act (SDA) is still in force as of today, despite banks' repeated calls for its abolishment. The SDA contains an exhaustive list of legal transactions that are subject to stamp duty in Austria if certain legal prerequisites are met. This article answers FAQs about stamp duty requirements in Austria.
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Ogier | British Virgin Islands | 9 Sep 2021

Annual return reporting requirements for all fiduciary services licensees

The Financial Services (Prudential and Statistical Returns) (Amendment) Order 2021 came into force in February 2021. The British Virgin Islands Financial Services Commission has introduced new annual return reporting requirements for certain categories of licensees, including trust companies, investment managers or investment advisors and fund administrators.
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Aluko & Oyebode | Nigeria | 31 Aug 2021

CBN issues revised guidelines on mobile money services in Nigeria

The Central Bank of Nigeria recently issued a new regulatory framework on mobile money services in Nigeria, replacing the guidelines on mobile money services that were issued in 2015. While the new guidelines largely replicate the 2015 version, they introduce a number of new features, which are outlined in this article.
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Ramos, Ripoll & Schuster | Mexico | 31 Aug 2021

Mexico's new anti-money laundering reporting requirements for foreign crypto platforms

There has been much discussion about whether foreign cryptocurrency exchanges and other crypto platforms that facilitate transactions with crypto assets located abroad should comply with the Federal Law for the Prevention and Identification of Operations with Resources of Illicit Origin. This discrepancy has led to some foreign platforms reporting vulnerable activities relating to user......
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LNT & Partners | Vietnam | 24 Aug 2021

Digital banking development

In Vietnam, although the development of digital banking was initially quite fast and it has been accepted and implemented by many commercial banks, neither a definition nor licences for digital banking have been set out in any legal legislation. Completing the legal framework is the priority in creating favourable conditions for digital banking to develop.
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AZB & Partners | India | 24 Aug 2021

Preparing India for cessation of Libor

Several market participants in India are dragging their feet during the transition process away from the London Interbank Offered Rate (Libor). In a recently published circular, the Reserve Bank of India issued much needed directions to banks and financial institutions. The circular could be the driving force that is needed to ensure that at least regulated entitles take the necessary actions......
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LNT & Partners | Vietnam | 10 Aug 2021

Pros of sandbox regulation for fintech companies

Vietnam is firmly committed to the development of fintech, which is believed to help customers access banking and financial services at lower costs and with more accessible procedures than traditional banking services. However, fintech activities are not currently governed by any regulations in the Vietnamese legal system, which leads to risks relating to high-tech, fraud and financial......
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LNT & Partners | Vietnam | 3 Aug 2021

Bold new approach for digital banking

In late 2020 the State Bank of Vietnam issued Circular 16, which amends Circular 23 and provides guidance on the opening and use of payment accounts at payment service providers. It is one of the most prominent legal documents issued to promote the transformation and development of cashless payments and it is expected to pave the way for more foreign credit institutions, banks and tech......
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Aluko & Oyebode | Nigeria | 3 Aug 2021

Implications of CBN circulars on cryptocurrency transactions in Nigeria

In February 2021 the Central Bank of Nigeria issued a letter to all deposit money banks, non-bank financial institutions and other financial institutions to remind them that dealing in cryptocurrencies or facilitating payments for cryptocurrency exchanges is prohibited. However, it appears that decentralised currency innovations such as cryptocurrencies are here to stay, which suggests that a......
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