Emerging Prudential Risks

Bangladesh to Extend Deposit Protection to NBFIs

01/03/2022

Currently only bank depositors are protected and customers of other types of deposit-taking financial institutions are not covered.

Cloud & Infrastructure

FSC Korea Issues Guidelines on Mobile Bank Apps

01/03/2022

Banks are expected to introduce updated versions of their mobile applications to make them more “senior friendly” by the first half of 2023.

Data Privacy

UK, Singapore Bolster Cooperation on Data Flows, Financial Services

01/03/2022

The UKSDEA promotes free flows of data between the UK and Singapore including in financial services. Both countries will work towards recognising each other’s digital identity systems.

Liquidity Risk

MAS Introduces Liquidity Requirement for Recognised Market Operators

01/03/2022

Effective from 28 March, RMOs will have to hold at least 25 percent of their annual operating costs in cash and cash equivalents.

Liquidity Risk

RBNZ Launches First Consultation Reviewing Liquidity Policy

01/03/2022

The paper asks for initial views on whether the RBNZ should consider adopting the BCBS liquidity framework, and whether its proposed principles for the review are appropriate.

Anti-Money Laundering

AUSTRAC Launches Federal Court Proceedings Against Crown Casinos

01/03/2022

Crown Melbourne and Crown Perth failed to assess ML/TF risk, carry out appropriate due diligence on customers, and establish a transaction monitoring programme.

Anti-Bribery & Corruption

HK ICAC Charges Bank Employee and Two Others for Bribery

28/02/2022

A relationship manager and two representatives of secretarial services companies allegedly offered and accepted bribes to help non-domestic clients open accounts with three Hong Kong banks.

Fraud, Scams & Cybercrime

Taiwan Police, FIs to Establish Anti-Fraud Information Sharing Platform

28/02/2022

The National Police Agency and financial institutions will jointly establish a new platform that will allow real-time information exchange for use in combatting fraud.

Market Abuse

CSRC Asks Morgan Stanley to Provide Information on US Probe

28/02/2022

The CSRC has reportedly given Morgan Stanley 30 days to provide details about its role in a US investigation into its block trading practices.