Market Infrastructure

Five Eyes Agencies Warn of State Sponsored Cyber Attacks

25/05/2023

Chinese foreign ministry spokeswoman Mao Ning said the joint advisory is a “collective disinformation campaign” from the “empire of hacking”.

AML / KYC

Hong Kong SFC Issues Updated AML/CFT Guidelines

25/05/2023

The updated AML/CFT guideline includes a new stand-alone chapter on regulatory requirements and standards for addressing ML/TF risks associated with virtual assets.

Capital / Liquidity

FSC Korea Announces Decision to Set CCyB at 1 Percent

25/05/2023

The FSC said there was a need to enhance banks’ loss absorption capacity to prepare for macroeconomic uncertainties and increased risks in the financial sector.

Enforcement

Global Banks Under Probe for Breaking UK Competition Law

25/05/2023

The CMA “provisionally” found that five global banks broke competition law in the aftermath of the global financial crisis.

HSBC Planning Exit from Up to a Dozen Markets – Report

25/05/2023

It is not yet known which jurisdictions HSBC is considering exiting, but they are understood to be relatively small markets that may have underperformed.

AML / KYC

MAS Bars Insurance Agent for 8 Years After Corruption Conviction

24/05/2023

The former AIG and Liberty insurance agent paid bribes to an Indonesian Embassy official and one other individual.

Fintech / Regtech

RBA Considers Banning ‘Default’ Route on Dual Network Cards

23/05/2023

The RBA had set an expectation that merchants would be offered least-cost routing by end-2022, but the industry did not meet this timeline.

Fintech / Regtech

Australia Confirms Plans to Regulate BNPL as Credit Products

23/05/2023

BNPL providers will be required to hold Australian Credit Licences and comply with Responsible Lending Obligations, among other requirements.

Fintech / Regtech

MAS Launches AI & Data Analytics Talent Development Programme

23/05/2023

MAS will work with the IBF, educational institutions and training providers to develop and co-curate training programmes to address a shortage of AIDA talent.