Fraud, Scams & Cybercrime

Hong Kong Sees Spike in Investment Scam Losses – Report

29/09/2021

Victims lost HKD 2.5 billion from investment scams between January and July, a 20-fold increase compared to the same period last year.

Operational Risk

RBA Issues Recommendations to Address Risk Issues at ASX

29/09/2021

The RBA has asked ASX to address operational risk and governance issues, as well as develop a framework to address margin procyclicality.

Anti-Bribery & Corruption

Ex-CBIRC Official Took Bribes During Baoshang Takeover – Report

29/09/2021

Li Guorong is accused of taking bribes from entrepreneurs while serving as deputy head of a team appointed to take over Baoshang Bank.

Emerging Prudential Risks

CBIRC Urges Mainland Insurers to Issue Cat Bonds in HK

29/09/2021

The issuance of catastrophe bonds in Hong Kong can help diversify Mainland insurers’ losses from natural disasters and enhance the risk-sharing mechanism.

Credit Risk

Shenzhen Regulator Launches Probe into Evergrande Wealth

29/09/2021

The Shenzhen Financial Regulatory Bureau said a “thorough investigation” into Evergrande Wealth has been launched following investor demands for an inquiry.

Anti-Money Laundering

AUSTRAC Outlines Planned Enhancements to Reporting System

29/09/2021

A four-year transformation programme will introduce a “modern and intuitive user interface” and high-speed channels for file uploads, among other changes.

Structural Regulation

RBI Amends FX Rules for Exports to Facilitate LIBOR Transition

29/09/2021

Under the amendment, authorised dealer banks can use ARRs in place of LIBOR for interest payable in export/import transactions.

Sustainable Finance

Singapore Seeks to Become Global Hub for Carbon Trading

29/09/2021

To scale up carbon trading in the city, Singapore plans to work with Climate Impact X, a collaboration between SGX, DBS, Standard Chartered and Temasek.

KYC & CDD

MAS Publishes Compliance Toolkit for Trust Companies

28/09/2021

The toolkit provides guidance on applications to be submitted to MAS for approval, as well as notifications and reporting requirements.