News Nuggets | 31 July: New Zealand's FMI Standards; ICE Delists Bakkt's Contracts

<p>Bitcoin Bank Breaker under
BaFin Investigation</p><p>The German
financial regulator, <a href="https://www.financemagnates.com/tag/bafin/" target="_blank" rel="follow">BaFin </a>has issued a warning regarding Bitcoin Bank Breaker,
a platform offering trading of financial instruments via the website
bitcoin-bankbreaker.com. The regulator suspects that the operators of the site
are providing financial or investment services without the requisite
permissions. </p><p>As the
operators have not provided complete company details on their website, this has
raised some suspicion. BaFin emphasizes that anyone offering banking, financial, or
securities services in Germany must obtain permission from them. Investigations
are ongoing based on section 37 (4) sentence 1 of the German Banking Act.</p><p>FCA Announces 14-point
Action Plan for Cash Savings</p><p>The UK's
Financial Conduct Authority (<a href="https://www.financemagnates.com/tag/fca/" target="_blank" rel="follow">FCA</a>) has unveiled a 14-point action plan aimed at
ensuring that banks and building societies pass on interest rate rises
appropriately to savers. The plan also requires institutions to improve
communication with customers and offer better savings rate deals. </p><p>This
follows a review of the cash savings market, which revealed slower interest
rate rises for easy-access accounts compared to other accounts. Institutions
with the lowest savings rates must justify these rates per the Consumer Duty in
force. If unable to provide a satisfactory justification, the FCA may take
action. The plan also requires better communication with customers about their
options.</p><p>Safe Trust Wealth Operates
Unregistered and Not Based in NZ</p><p>The website
of Safe Trust, www.safe-trust.net, has raised concerns as it claims to be based
and regulated in <a href="https://www.financemagnates.com/tag/new-zealand/" target="_blank" rel="follow">New Zealand</a>, offering investment packages. </p><p>However,
the entity is neither registered on the Financial Service Providers Register
(FSPR) nor licensed by the Financial Markets Authority (FMA), casting doubt on
its credibility. The FMA suspects that Safe Trust may be running a scam and
advises caution when interacting with the entity.</p><p>Deutsche Bank Expands
Investment Banking in South Korea</p><p>Deutsche
Bank has announced an expansion of its investment banking capabilities in South
Korea and is re-entering the local debt capital market. This move is marked by
strategic appointments, including hiring Adele Moon as the Head of Debt Capital
Market (DCM) for South Korea. </p><p>Based in
Seoul, Moon will work towards expanding <a href="https://www.financemagnates.com/tag/deutsche-bank/" target="_blank" rel="follow">Deutsche Bank's</a> client footprint and
augmenting its robust advisory business. The bank has also hired Shinna Oh to develop relationships with corporates and global sponsors in Seoul.
This strategic recruitment underscores Deutsche Bank's commitment to strengthen
its South Korean financial market position.</p><p>MAS Plans to Boost
Anti-Money Laundering Defences</p><p>The
Monetary Authority of Singapore (<a href="https://www.financemagnates.com/tag/mas/" target="_blank" rel="follow">MAS</a>) is initiating a public consultation on a
revised framework to strengthen surveillance and defense against money
laundering risks in Singapore's Single Family Office (SFO) sector. The new
framework will introduce a harmonized class exemption for SFOs with specific
anti-money laundering requirements. </p><p>To qualify
for the class exemption, SFOs must meet certain criteria, including being
incorporated in Singapore and maintaining a business relationship with a
MAS-regulated financial institution for anti-money laundering checks. The
proposed framework aims to monitor better SFOs operating in Singapore and
mitigate any money laundering risks.</p><p>ICE Delists Bakkt Bitcoin Contracts
</p><p>Intercontinental Exchange (ICE) has delisted all <a href="https://www.financemagnates.com/tag/bakkt/">Bakkt</a> Bitcoin futures contracts, except for the ones expiring in August and September, and Bakkt Bitcoin options contracts from last Friday. The exchange operator announced that it will no longer list Bakkt Bitcoin futures and options on its platform.
</p><p>"The August and September 2023 expiry months will continue to be listed for trading through their regular Last Trading Days, which are August 24 and September 28, 2023, respectively," the announcement added.</p><p>New Zealand's FMA Announces New Market Standards
</p><p>New Zealand's regulator, the <a href="https://www.financemagnates.com/forex/fma-stops-firm-promising-350-returns-on-fx-and-crypto-in-60-weeks/">Financial Market Authority</a> (FMA), announced on Monday standards designated Financial Market Infrastructures (FMIs), which are multilateral systems enabling electronic payments and financial market transactions.
</p><p>The new standards will come into effect on 1 March 2024 and were issued following two rounds of public consultation.
</p><p>"Most of us don't think about the underlying infrastructures we rely on for daily economic life, but we can be severely impacted when something goes wrong," said New Zealand central bank's Deputy Governor, Christian Hawkesby. "If a designated FMI failed or encountered problems, electronic payments and financial market transactions could be severely disrupted. This, in turn, could have flow-on impacts for New Zealanders, our financial system, and the wider economy."</p><p>The CEO of Capita, Jon Lewis to Retire
</p><p>Jon Lewis, who has been heading Capita as the CEO and Director since December 2017, has decided to retire and will step down from his role at the end of 2024. He will remain with the company until July 2024 to ensure a smooth transition of responsibilities. Capita has named Adolfo Hernandez as the CEO designate.
</p><p>"It has been a privilege to lead the turnaround of Capita over the past five years," said Lewis. "I remain fully committed to delivering the Group's strategy and enabling a smooth transition to Adolfo as the new CEO over the coming months."
</p><p>Former Aussie Investment Manager Charged for Fraud
</p><p>Brett Paul Trevillian, a former investment manager in Australia, is facing four charges for making a false document to obtain a financial advantage. He was arrested on 20 July on an arrest warrant obtained by the Australian Securities and Exchange Commission (ASIC) and was released on bail on 28 July.
</p><p>According to <a href="https://www.financemagnates.com/forex/regulation/asic-reveals-4-year-plan-focus-will-be-on-tech-risks-and-chess-replacement/">ASIC</a>, Trevillian, who served as the Director of Metal Alpha Pty Ltd and the former investment manager of Trading Life Services Pty Ltd, created four forged portfolio performance verification reports between May 2019 and October 2019 and provided them to potential investors. All of these documents are allegedly fraudulent.
</p><p>Trevillian is now looking at a maximum prison time of ten years for each charge.
</p><p>Payment Platform Optty Adds Crypto Gateway
</p><p>Optty has partnered with Triple-A, a licensed crypto payment gateway, to add cryptocurrency options to its existing payments platform. It will leverage Triple-A's white-label <a href="https://www.financemagnates.com/cryptocurrency/are-cryptocurrencies-a-viable-payment-option-in-2023/">crypto payment gateway</a> to broaden its payment options.
</p><p>Triple-A is a crypto payment gateway licensed and registered in Singapore, Europe, and the United States.
</p><p>"As the world's first true universal payments platform, Optty is agnostic and supportive of payments inclusion, a unique position that is designed to help retailers offer more choice than ever at checkout," said Natasha Zurnamer, the Founder and CEO of Optty.
</p><p>"With one simplified integration, not only can retailers access over 90 BNPLs and local payment methods in over 120 countries — they can now switch on crypto payments, a natural progression in our aim to simplify payments for retailers all over the world."</p>

This article was written by Finance Magnates Staff at www.financemagnates.com.