Fraud, Scams & Cybercrime

Federal Court Imposes A$57.5m Penalty Against NAB Units

13/09/2020

NULIS Nominees and MLC Nominees admitted to misleading or deceptive conduct, false or misleading representations, and breaches of the ASIC Act and Corporations Act.

Reporting & Disclosures

Standard-setters Kick Off Initiative to Harmonise Sustainability Reporting

13/09/2020

The IFRS Foundation is proposed as the body that is “optimally positioned” to lead and coordinate the creation of a new sustainability standards board.

Structural Regulation

Changes to Hong Kong OFC Regime Take Effect Immediately

13/09/2020

Private OFCs are no longer subject to investment restrictions and securities brokers are now eligible to be OFC custodians, among other changes.

Market Abuse

Shenzhen’s ChiNext Board Under Scanner for Corruption Risk

13/09/2020

China’s anti-graft watchdog is looking into whether wild swings may have been caused by insider trading or manipulation involving exchange officials.

PEPs & Sanctions

OFAC Settles Deutsche Bank Trust Sanctions Violations

13/09/2020

The settlement covers a large payment linked to a designated oil company and 61 payments made to a sanctioned bank in 2015.

Credit Risk

S. Korea Unveils Details of New Consumer Credit Bill

13/09/2020

The bill obliges lenders to offer debt restructuring plans to delinquent borrowers if such a request is made, and places restrictions on the use of debt collection agencies.

Fraud, Scams & Cybercrime

Japanese Police Probe Thefts from NTT Docomo E-money Service

11/09/2020

NTT Docomo reportedly did not notify many of its partner banks after similar thefts last year, a warning which may have allowed them to bolster authentication protocols.

Credit Risk

India Supreme Court Temporarily Extends Borrower Relief

11/09/2020

The extension gives the government two weeks to decide on whether to extend a loan moratorium for borrowers and whether an interest waiver is warranted.

Climate Risk

NGFS Seeks Wider Adoption of Environmental Risk Analysis at FIs

10/09/2020

The NGFS is calling for wider use of ERA in the financial industry, offering case studies to showcase the adoption of ERA tools and methodologies by some FIs.