Anti-Money Laundering

New Zealand Court Dismisses Appeal of First AML Act Convictions

19/07/2022

Jiaxin Finance, its sole director and his mother were sentenced to pay fines for AML/CFT violations in 2020. Their appeals have been dismissed.

Structural Regulation

LME Delays New Reporting Requirements to 5 September

19/07/2022

Market participants expressed concerns regarding their ability to ensure data is properly and accurately reported by the implementation date, earlier set for 18 July.

Fraud, Scams & Cybercrime

Scam Loss Sharing Framework Will Take Longer to Develop: MAS

19/07/2022

Developing the new framework is taking longer than expected due to the complexity of the issues involved and the importance of ensuring the framework has the correct incentives.

Payments & Settlements

BSP Designates Two “Prominently Important” Payment Systems

18/07/2022

The designation of PESONet and InstaPay as Prominently Important Payment Systems will mean they are subject to closer BSP supervision and monitoring.

Anti-Money Laundering

BSP Issues Guidance on Conducting AML/CFT Risk Assessments

18/07/2022

The findings from institutional risk assessments should be used to enhance AML/CFT/CPF/sanctions compliance programmes and made available to the BSP during examinations.

Cloud & Infrastructure

HKMA, Banks, Bloomberg Launch Fintech Talent Initiative

18/07/2022

The partners include the HKMA, FSDC, Bloomberg, Ant Group, Bank of America, BOCHK, Citi, Credit Suisse, DBS, Goldman, HKEX, HSBC, JP Morgan, and others.

Fraud, Scams & Cybercrime

Singapore Police Lay Fraud Charges Against Zenrock Founder

18/07/2022

The founder and his former operations executive were charged for cheating Bank of China, HSBC and Credit Agricole CIB.

Fraud, Scams & Cybercrime

SFC Bans Former StanChart Representative for Three Years

18/07/2022

The representative’s mother transferred funds into five customers’ payroll accounts to improve his work performance.

Cybersecurity

Chinese Police Summon Alibaba Staff to Probe Data Breach

18/07/2022

Personal information on 1 billion Chinese citizens was reportedly stolen from a Shanghai police database located on an Alibaba server.