Fintech / Regtech

Singapore Releases Draft Governance Framework on GenAI

22/01/2024

IMDA and the AI Verify Foundation are seeking feedback on a draft Model AI Governance Framework for Generative AI until 15 March.

AML / KYC

Singapore Money Laundering Case Tops S$3bn in Assets

22/01/2024

Warrants of arrest and Interpol Red Notices have also been issued against two more Cambodian nationals for money laundering offences.

Sanctions

EU Discusses 13th Sanctions Package for Russia – Report

22/01/2024

The package could include further listings, more trade restrictions. and cracking down on Russia’s ability to circumvent sanctions via third countries.

Enforcement

US Regulators Fine ICBC New York Branch for Regulatory Violations

22/01/2024

ICBC disclosed confidential supervisory information without regulatory approval and had deficiencies in its BSA/AML compliance programme.

Sanctions

US Sanctions Prompt Turkish Banks to Reject Russian Payments

22/01/2024

Turkish banks are now refusing to accept payments from Russian banks for exports, due to the threat of US sanctions.

Enforcement

BNP Paribas Fined in Taiwan for Violating Insurance Regulations

22/01/2024

The FSC said BNP failed to fully separate its business units and outsourced information operations to the cloud without prior regulatory approval.

ESG / Sustainability

HKMA Study Assesses Climate Risks of APAC Investment Funds

21/01/2024

Paper finds that funds with high climate risk exposure can face larger redemption pressures which can translate into financial stability risks.

Enforcement

Australian Court Fines ME Bank for Misleading Home Loan Customers

19/01/2024

ME Bank sent inaccurate home loan information to its customers and failed to provide written notice about annual interest rate and repayment amount changes.

Enforcement

Korea Strengthens Mechanism for Punishing Unfair Trading

19/01/2024

The revisions introduce a new penalty surcharge system for unfair trading activities and establish a clear legal ground for calculating unfairly gained profits.