AI Risk & Governance

Korea: FSS Enhances Supervision with Artificial Intelligence

09/04/2020

The FSS has been applying AI to monitor insurance telemarketing, loan collections and online advertising, as well as to analyse complaints and PE fund reports.

Structural Regulation

Indonesia Has Adopted Measures to Implement PFMI: CPMI-IOSCO

09/04/2020

Since the 2019 update, Indonesia and Saudi Arabia have finished adopting measures that will enable them to implement the PFMIs for all financial market infrastructure types.

Cloud & Infrastructure

MAS Unveils Support Package to Bolster Financial Sector Capabilities

08/04/2020

The package includes training allowances, IBF course subsidies, salary support, digital acceleration grants, and free access to API Exchange.

Anti-Money Laundering

HSBC Reports Possible AML Breaches at Australian Subsidiary

08/04/2020

Where appropriate, provisions have been made against possible penalties for underreporting of cross-border transactions and other investigations, reviews and inquiries that may involve the bank.

Capital Adequacy

HKMA Reduces AIs’ Regulatory Reserve Requirement

08/04/2020

The regulatory reserve release should be used to support customers impacted by Covid-19, and not to distribute dividends, buy back shares or pay bonuses.

Structural Regulation

SGX RegCo Suspends Issuer Watch List, Raises Share Issue Limits

08/04/2020

The measures will help SGX issuers to focus on meeting current business and economic challenges and accelerate fund-raising efforts to address liquidity issues.

Liquidity Risk

BSP Offers Banks Mark-to-Market Relief, Cuts Liquidity Requirements

08/04/2020

The accounting relief allows banks to effectively reverse unrealised losses resulting from a change in fair value. The MLR cut frees up almost $200mn for smaller lenders.

Fraud, Scams & Cybercrime

Australia: 10yr Jail Term Imposed for Superannuation Misappropriation

08/04/2020

The director of a group of companies used A$1.2mn from self-managed superannuation funds intended for property investments to “fund a lavish lifestyle”.

Structural Regulation

APRA Suspends Issuance of New Licenses

08/04/2020

Given the challenges new entrants face even under normal economic conditions, APRA does not consider it prudent to license new entities for at least the next six months.