Payments & Settlements

US, Europe to Pilot Real-time Cross-border Payments This Year

03/05/2022

The IXB pilot service will initially support instant payments in the USD-EUR corridor, with a full-service offering expected in 2023.

Structural Regulation

China, US Discuss Logistics of Cross-border Audit Inspections

03/05/2022

Regulators are discussing the logistical and operational details for a new mechanism that will enable the PCAOB to visit China for audit inspections.

Resolution & Recovery

PBOC, CBIRC Issue Rules to Improve G-SIB Loss-absorbing Capacity

03/05/2022

The notice is aimed at facilitating the issuance of non-capital bonds with loss-absorbing capacity by Chinese D-SIBs.

Fraud, Scams & Cybercrime

Korean Police Arrest Woori Employee for Embezzlement

03/05/2022

The theft occurred in three separate withdrawals between 2012 and 2018. It went undetected despite 11 inspections and audits at Woori during the period.

Data Privacy

Taiwan FSC Allows Cross-institutional Data Sharing

03/05/2022

Information sharing will be allowed between FIs that do not have group relations, provided that the data sharing model is first reviewed and approved by the FSC.

Cryptocurrency

Singapore: Revolut, Luno Get In-Principle Approval to Offer DPT Services

02/05/2022

MAS managing director Ravi Menon described the licensing process as necessarily stringent for Singapore to be a responsible global crypto hub.

Emerging Prudential Risks

PBOC Announces Launch of Two New Re-lending Facilities

02/05/2022

The PBOC will provide banks low cost funds which they can use to support innovative technology companies and institutions providing elderly care services.

Anti-Money Laundering

German Authorities Raid Deutsche Bank in Money Laundering Probe

02/05/2022

The raids are reportedly connected to late SARs filings involving a transaction linked to the family of Syrian leader Bashar al-Assad.

AI Risk & Governance

HKMA Issues Regtech Guide on Adopting AI-based Solutions

02/05/2022

The guide highlights the need for banks to establish proper data and AI governance frameworks, and maintain continuous control over AI-based solutions post-implementation.