PEPs & Sanctions

UK OFSI Gets Stronger Powers to Punish Sanctions Breaches

16/06/2022

OFSI will no longer have to prove a person had knowledge or reasonable cause to suspect they were in breach of sanctions to impose a civil penalty.

Emerging Prudential Risks

US Fed Raises Interest Rates by Most Since in 28 Years

16/06/2022

The HKMA has responded with a 75bp interest rate hike of its own, after intervening overnight to defend the HKD peg to the US dollar.

Operational Risk

HKIMR Explores Pandemic Lessons for Operational Resilience

16/06/2022

Effective implementation of business continuity plans was a key factor contributing to operational resilience, says new report.

Anti-Money Laundering

US, UK to Jointly Promote Privacy-Enhancing Tech for AML

15/06/2022

The joint initiative will seek to accelerate the development of privacy-preserving federated learning solutions that can help to combat financial crime.

Conduct, Culture & Accountability

NZ FMA Fines Cigna for ANZ Product Distribution Failures

15/06/2022

ANZ was fined last year for making misleading representations when distributing CCRI policies, many of which were issued by Cigna and OnePath.

Anti-Money Laundering

Australian Federal Police Sets Sights on Italian Crime Groups

15/06/2022

Australian Police will use data obtained during Operation Ironside to target Italian organised crime syndicates for drug trafficking and money laundering.

Trading & Investment

ASX Consults on Fallbacks for 90 Day Bank Bill Futures

15/06/2022

ASX says the inclusion of fallback provisions in contractual documentation will provide contractual and risk management certainty.

Emerging Prudential Risks

Philippines Launches New Framework for Managing Crises

15/06/2022

The SRCM framework sets out how the FSCC should intervene in the event of a potential systemic risk that could negatively affect the macroeconomy.

Credit Risk

APRA Finalises Framework for Limiting Risky Mortgage Lending

15/06/2022

Lenders must ensure they are operationally ready by September to implement loan limits based on DTI multiples or LTV ratios.