AML / KYC

Australian Banks Push Back on Mandatory Scam Reimbursements

13/07/2023

CBA deputy CEO David Cohen warned of a “moral hazard trap”. ANZ CEO Shayne Elliott said the UK voluntary code model wouldn’t stop scams.

AML / KYC

SEC Settles Charges Against Merrill Lynch for Failing to File SARs

13/07/2023

Merrill Lynch did not file hundreds of mandatory SARs because it erroneously used a $25,000 threshold instead of the required $5,000 threshold.

ESG / Sustainability

Majority of SGX-Listed Firms Embrace Climate Reporting Initiatives

13/07/2023

New report shows two-thirds of SGX listed companies have embarked on climate reporting initiatives.

Fintech / Regtech

Cambodia Launches Cross-Institutional Payment System for ATM, POS Services

13/07/2023

The Cambodian Shared Switch aims to enhance payment transactions through payment cards in Cambodia.

Securities / Derivatives

UK Seeks to Undo EU Restrictions on Short-Selling Gilts

13/07/2023

HM Treasury proposes to eliminate EU-mandated rules that govern investors’ short positions in government debt and credit-default swaps.

Big Picture

HKIMR Report Urges Focus on Financial Inclusion and Sustainable Innovation

13/07/2023

The report highlights the need for continuous investments in human capital and skills development to foster innovation.

HK Privacy Commissioner Issues Guidance on Data Breach Handling

13/07/2023

The guidance emphasises the need for organisations to develop comprehensive data breach response and post-incident action plans.

Hong Kong Enacts Amendments to Facilitate Electronic Submissions to Official Receiver

12/07/2023

The focus of the amendments is to facilitate the electronic submission of specific documents to the Official Receiver, allow for electronic proxies, and introduce other improvements.

Fintech / Regtech

NZ’s FMA Issues Proposal to Enhance Industry Operational, Cyber Resilience

12/07/2023

If a licensee experiences a significant disruption, they must promptly notify the FMA no later than 72 hours after the incident.