Fraud, Scams & Cybercrime

Police Ad Test Highlights Hong Kong Scam Threat – Report

04/12/2022

A fake raffle webpage run by the police attracted nearly 300,000 visits in just two weeks, highlighting the surge of scam cases in Hong Kong.

Resolution & Recovery

APRA Finalises Standards on Recovery and Exit Planning

04/12/2022

The new standard will come into effect from 1 January 2024 for banks and insurers and from 1 January 2025 for RSE licensees.

Trading & Investment

HKFE Invites Firms to Support Development of FX Derivatives Market

04/12/2022

HKFE is seeking liquidity providers and market participants to support the development of liquidity in RMB and INR derivatives contracts.

Conduct, Culture & Accountability

BSP Issues Rules to Implement New Financial Consumer Protection Law

04/12/2022

The BSP will be able to adjudicate cases involving financial transactions that are of civil nature and order reimbursements up to PHP 10 million.

Fraud, Scams & Cybercrime

US Banks Preparing to Accept More Liability for Zelle Frauds

04/12/2022

Under the planned rules, member banks would be responsible for certain fraudulent transactions made on the Zelle network, even if self-initated by the customer.

Anti-Bribery & Corruption

FCA Fines Julius Baer UK Unit for Over ‘Corrupt’ Finders Fees

03/12/2022

Julius Baer improperly paid “corrupt” finder’s fees to a Yukos Group employee in exchange for business from the now-defunct Russian conglomerate.

Conduct, Culture & Accountability

US Financial Firms to Spend $18bn on Surveillance Tech This Year

03/12/2022

The increased spending comes after multiple financial firms were fined for failing to monitor and keep records on employees’ communications via messaging apps.

Conduct, Culture & Accountability

IOSCO Offers Guidance to Regulators on Investor Education, Protection

03/12/2022

IOSCO report proposes seven sound practices for regulators to consider when designing financial and investor education initiatives, particularly during periods of crisis.

Trading & Investment

China to Pilot Commercial Pensions to Supplement New Private Pension Scheme

03/12/2022

China launched its private pension scheme in 36 cities on 25 November. Commercial pension trials will start in 10 cities on 1 January.