Fraud, Scams & Cybercrime

Australia Fines Telstra for Failure to Authenticate Customer IDs

18/07/2024

The ACMA said Telstra failed to use ID authentication processes for 168,000 high-risk customer interactions, such as SIM-swap requests and password resets.

Cloud & Infrastructure

US Treasury Publishes Cloud Adoption Guidance for FIs

18/07/2024

The new set of documents are intended to arm FIs  of all sizes with effective practices for secure cloud adoption and operations.

PEPs & Sanctions

US Jails Man for Shipping Microelectronics to Russia via Hong Kong

17/07/2024

Russian national Maxim Marchenko procured dual-use military grade microelectronics for Russian end users using Hong Kong-based shell companies.

Structural Regulation

FSC Korea Progresses Work on BNPL Regulation

17/07/2024

Amendments will impose disclosure and suitability-checking requirements on businesses that offer BNPL services.

Fraud, Scams & Cybercrime

CFTC, FTX Reach Agreement on $12.7b Settlement

17/07/2024

The CFTC is only payable to the extent that funds are available after customer and creditor claims are settled.

Conduct, Culture & Accountability

Korea to Improve Fairness of Early Loan Repayment Fees

17/07/2024

Lenders will be required to calculate early repayment fees based on actual losses and loan-related costs incurred.

Cryptocurrency

US to List First Spot Ether ETFs Next Week – Reports

17/07/2024

Final approvals for up to eight spot ether ETFs are expected on Monday. Trading is expected to start the next day.

AI Risk & Governance

HKMA Assessing Whether Virtual Banks Have Achieved Policy Goals

17/07/2024

The HKMA is evaluating whether the eight virtual banks have achieved the intended policy objectives since the licences were granted in 2019.

Trading & Investment

ESMA Consults on MiFID II Order Execution Policies

17/07/2024

The consultation seeks input on draft technical standards for how investment firms establish and assess the effectiveness of their order execution policies.