Operational Risk

ORX, McKinsey Launch Operational Risk Control Library

01/09/2022

The ORX Reference Control Library contains 761 typical operational risk controls based on data collected from nearly 50 banks and insurers.

Payments & Settlements

SWIFT Applies Data Intelligence to Remove Payment Friction

01/09/2022

SWIFT says its new capability ensures payments will go through regardless of whether the parties have transacted with each other before.

Payments & Settlements

Bangladesh Bank to Enable FX Clearing via RTGS System

01/09/2022

Banks can clear USD, GBP, EUR, CAD and JPY through the RTGS system starting from 4 September. CNY clearing will be allowed “soon”.

Cryptocurrency

Iran Passes Law Authorising Use of Crypto for Imports

01/09/2022

The new law formally allows government and local businesses to use cryptocurrencies as payment for imports.

Liquidity Risk

APRA Frees Westpac from Add-on Liquidity Requirement

01/09/2022

The liquidity add-on was imposed in 2020 in response to breaches which APRA said demonstrated weaknesses in the bank’s risk management and oversight.

Custody & Infrastructure

Australia Launches Digital Finance Cooperative Research Centre

01/09/2022

Backed by industry, government and academia, the DFCRC will facilitate the development of the emerging digital finance sector.

Supervision & Enforcement

Five Super Funds Fail APRA’s Second Performance Test

01/09/2022

Four of the five have now failed for a second time. Five other MySuper products that failed last year have now passed.

Structural Regulation

PCAOB Picks Chinese Firms for First Audits Checks – Report

31/08/2022

Alibaba, Netease, Baidu, JD.com and Yum China are among the first Chinese firms selected for the PCAOB’s audit checks in Hong Kong

Anti-Money Laundering

MAS Fines UOBKH for Business Conduct, AML Failures

31/08/2022

UOBKH failed to implement adequate controls for its corporate finance business and to ensure it was subject to internal audit.