Operational Risk

SGX RegCo Addresses Financial Reporting Challenges Amid Covid-19

26/07/2020

SGX RegCo places emphasis on quality, reliability and appropriateness of interim financial reports, with particular regard to asset valuations and alternative performance measures used.

Operational Risk

Institute of Internal Auditors Offers Update to 3LoD Model

26/07/2020

The new ‘Three Lines Model’ is aimed at improving organisational structure to achieve better alignment, collaboration, and accountability among key players.

Emerging Prudential Risks

HKMA Aligns Benchmark Reform Guidance for Banks with BCBS

26/07/2020

HKMA’s new guidance covers issues with benchmark reform relating to the definition of capital, market risk, counterparty credit risk, liquidity and operational risk.

Credit Risk

APRA Allows Banks to Defer Property Collateral Revaluations

26/07/2020

APRA points to physical access barriers and a high degree of uncertainty that create challenges for banks in updating commercial property valuations.

KYC & CDD

BOT Green-lights Use of Facial Recognition Tech at Five Banks

26/07/2020

BOT has issued new guidelines on the use of biometric technology in financial services, and granted approval to five banks to use facial recognition in account opening.

Fraud, Scams & Cybercrime

Australian Police Bust Tax Fraud Syndicate in ‘Coordinated Strike’

24/07/2020

The syndicate’s ringleader is alleged to have enlisted financial industry experts and former bankers to operate and facilitate the A$17mn tax fraud.

Liquidity Risk

Australia Extends Early Super Access Deadline to Year-end

24/07/2020

As of 19 July, superannuation funds had paid out A$28bn to their members under the early release scheme.

Custody & Infrastructure

Malaysia SC to Engage with Digital Asset Wallet Providers

24/07/2020

Digital asset wallet providers are asked to contact the SC for an engagement on their business operations and to provide feedback on a regulatory framework for such providers.

Supervision & Enforcement

UPDATED – Malaysia, Goldman Agree to Settle 1MDB Charges

24/07/2020

Malaysia will drop all criminal charges against Goldman Sachs in exchange for a $2.5bn cash payment and help recovering an additional $1.4bn from 1MDB-related assets seized globally.