Enforcement

Hong Kong Court Sentences Ex-HKMEx Chairman to Four Years Jail

27/07/2020

The 62-year-old Barry Cheung was found guilty a week earlier of conspiracy to defraud the SFC into letting HKMEx keep its licence to provide automated trading services in Hong Kong.

Securities / Derivatives

SGX RegCo Addresses Financial Reporting Challenges Amid Covid-19

26/07/2020

SGX RegCo places emphasis on quality, reliability and appropriateness of interim financial reports, with particular regard to asset valuations and alternative performance measures used.

Big Picture

Institute of Internal Auditors Offers Update to 3LoD Model

26/07/2020

The new ‘Three Lines Model’ is aimed at improving organisational structure to achieve better alignment, collaboration, and accountability among key players.

Market Infrastructure

HKMA Aligns Benchmark Reform Guidance for Banks with BCBS

26/07/2020

HKMA’s new guidance covers issues with benchmark reform relating to the definition of capital, market risk, counterparty credit risk, liquidity and operational risk.

Capital / Liquidity

APRA Allows Banks to Defer Property Collateral Revaluations

26/07/2020

APRA points to physical access barriers and a high degree of uncertainty that create challenges for banks in updating commercial property valuations.

AML / KYC

BOT Green-lights Use of Facial Recognition Tech at Five Banks

26/07/2020

BOT has issued new guidelines on the use of biometric technology in financial services, and granted approval to five banks to use facial recognition in account opening.

AML / KYC

Australian Police Bust Tax Fraud Syndicate in ‘Coordinated Strike’

24/07/2020

The syndicate’s ringleader is alleged to have enlisted financial industry experts and former bankers to operate and facilitate the A$17mn tax fraud.

Australia Extends Early Super Access Deadline to Year-end

24/07/2020

As of 19 July, superannuation funds had paid out A$28bn to their members under the early release scheme.

Crypto / Digital Assets

Malaysia SC to Engage with Digital Asset Wallet Providers

24/07/2020

Digital asset wallet providers are asked to contact the SC for an engagement on their business operations and to provide feedback on a regulatory framework for such providers.