Fraud, Scams & Cybercrime

ASIC Imposes Lifetime Ban on Former Westpac Banker

28/07/2018

Former premium banking relationship manager shared personal client information with external third parties, and “knowingly or recklessly” submitted false supporting documents to help clients obtain home loans.

Cloud & Infrastructure

ASIFMA Publishes Report on Outsourcing Regulation

24/07/2018

The report includes nine proposed leading principles for regulation of outsourcing to help securities, futures and banking intermediaries navigate different regulatory landscapes in Asia-Pacific.

Trading & Investment

BOJ Forms Benchmark Reform Committee

24/07/2018

Committee to discuss developing recommendations on JPY interest rate benchmarks, the challenges arising from each and proposals for other solutions.

AI Risk & Governance

S. Korea FSC Reorganises to Meet ‘Fourth Industrial Revolution’

24/07/2018

New body charged with industry-wide consumer protection issues; Financial Innovation Bureau formed to respond to new challenges including cryptocurrency.

Clearing & Post-Trade

SGX Proposes Clearing House Enhancements for Managing Defaults

23/07/2018

Proposals include introduction of auction protocol for liquidating defaulted derivatives clearing members’ positions, with a mechanism to distribute the resulting losses.

Conduct, Culture & Accountability

S. Korea to Name-and-Shame Consumer Protection Wrongdoers

23/07/2018

Financial firms that have neglected consumer protection to be named in list published this month, in an effort to hold them more accountable.

Credit Risk

S. Korea Credit Unions Toughen Mortgage Lending

22/07/2018

Credit unions will apply stricter lending calculations for home mortgages starting this week, as the government tries to rein in rapid growth in household debt.

Resolution & Recovery

MAS Consults on Resolution Regime Amendments

21/07/2018

Amendments include introduction of a contractual recognition requirement into financial contracts governed by foreign laws, the statutory bail-in regime, and creditor compensation framework, among others.

Cloud & Infrastructure

Japan FSA Reorganises to Meet Fintech Challenge

19/07/2018

Newly created Strategy Development and Management Bureau responsible for financial policy, fintech, cryptocurrencies, money laundering, as well as administraitive duties and inspections at financial institutions.