Conduct, Culture & Accountability

Australia Proposes Reduced Barriers to Financial Advice Profession

29/08/2022

Treasury proposes to remove tertiary education requirements for experienced financial advisers, and simpler requirements for new entrants to the industry.

Fraud, Scams & Cybercrime

Addressing Fraud Risk Requires Multi-Pronged Approach – Report

29/08/2022

NICE Actimize and Regulation Asia have published a new white paper exploring the banking industry’s response to fraud and online scams in APAC.

Data Privacy

Australia Consults on CDR Expansion to Non Bank Lending

29/08/2022

A report from Treasury says information about non-bank lending products as well as customer information should be subject to CDR data-sharing obligations.

Climate Risk

Japan Publishes Results of Climate Scenario Analysis Exercise

29/08/2022

The results highlight a need for banks to use common assumptions within their models, refine their analysis of individual companies, and enhance their methodologies.

Cryptocurrency

MAS Seeking Granular Business Activity Info From Crypto Firms

29/08/2022

The exercise is reportedly aimed at gathering information from crypto-related firms in Singapore ahead of planned regulatory changes for the sector.

KYC & CDD

HKMA Fines Commerzbank for CDD & PEP Screening Failures

29/08/2022

The HKMA found control lapses in onboarding due diligence as well as ineffective procedures for determining whether beneficial owners were PEPs.

Trading & Investment

China’s SAFE Warns Banks Against Aggressive Yuan Selling – Report

29/08/2022

SAFE reportedly phoned several banks last week to warn them against aggressively selling the yuan, which has recently hit a 2-year low against the dollar.

Structural Regulation

Australia to Simply Corporations and Financial Services Law

28/08/2022

Legislative amendments released for consultation are based on recommendations issued by the Australian Law Reform Commission late last year.

Sustainable Finance

ICE to Launch UK Carbon Allowance Options in October

28/08/2022

UK Carbon Options will provide a new tool for managing carbon emissions price risk, building upon the launch of UK carbon allowance futures in May 2021.