Fraud, Scams & Cybercrime

Hong Kong Police Arrest Eight in Joint Operation With SFC

06/07/2022

The joint operation involved a loan granted by a listed company to a related party and payments purportedly made to suppliers that instead went to related parties.

PEPs & Sanctions

UK Sanctions More Russians, Restricts More Belarusian Trade

06/07/2022

Last week, the UK Parliament’s Foreign Affairs Committee published a report calling on the government to “act now” to tackle the flow of illicit finance through London.

Emerging Prudential Risks

MAS Issues Guidelines on Islamic Banking in Singapore

06/07/2022

The main risk which is unique to Islamic banks is Shariah compliance risk – where noncompliance with Shariah rulings carries “significant reputational risk”.

Anti-Money Laundering

Korea FSS Expands Banking Industry Probe into FX Trading

06/07/2022

The probe was prompted by abnormal trading activity at Woori and Shinhan Bank. Other banks have been asked to conduct internal inspections.

Structural Regulation

UK to Codify Tax Exemptions for Sovereign Investors into Law

05/07/2022

The proposals seek to ensure the tax exemptions provided to sovereign investors are more targeted towards investment rather than trading income.

Anti-Money Laundering

AUSTRAC Issues Update on Reporting System Enhancements

05/07/2022

AUSTRAC has commenced development of a new CRM platform which will enable it develop enhanced self-service capabilities in AUSTRAC Online.

Clearing & Post-Trade

ASX Responds on Tranche 3 Rule Changes for CHESS Replacement

05/07/2022

The rule amendments will be subject to regulatory approvals. ASX proposes to lodge the combined rules package with ASIC in Q4 of calendar year 2022.

AI Risk & Governance

MAS Assesses Fairness of FIs’ Use of AI/Machine Learning

05/07/2022

MAS conducted a thematic review on selected FIs’ implementation of Fairness Principles in their use of AI/machine learning.

Cryptocurrency

MAS Mulls New Restrictions on Retail Investment in Crypto

05/07/2022

New measures may include placing limits on retail participation, and introducing new rules on the use of leverage in crypto transactions.