Anti-Money Laundering

New Zealand DIA Issues Warning to BNPL Provider Openpay

09/11/2022

Openpay failed to establish, implement, and maintain an AML/CFT programme and to adequately monitor accounts and transactions.

Conduct, Culture & Accountability

SFC Fines Asset Manager Over Discretionary Trading Controls

09/11/2022

Internal control failures were identified after a client complained that discretionary options trades fell outside the scope of the mandate.

Conduct, Culture & Accountability

New Zealand to Propose Regulatory Framework for BNPL

08/11/2022

BNPL providers will be required to conduct affordability checks on customers above a proposed value of NZD 600.

AI Risk & Governance

GLEIF Unveils Free Tool to Automate ELF Code Assignment

08/11/2022

The machine learning tool can extract the legal form from unstructured text and automate the assignment of entity legal form codes.

Cybersecurity

Thai SEC: Revised IT Security Rules to Take Effect in July 2023

08/11/2022

The SEC has strengthened the obligations of capital markets and digital assets firms to supervise and manage the risks to their IT systems.

Anti-Bribery & Corruption

UK Court Orders Glencore to Pay Over $300m for Africa Oil Bribes

08/11/2022

The SFO found that Glencore funnelled about $29mn worth of bribes between 2011 and 2016 to gain access to oil rights across Africa.

Payments & Settlements

RBI Eases Requirements for Rural Banks to Offer Internet Banking

08/11/2022

The net worth requirement and net NPA eligibility criteria have been relaxed, to promote the spread of digital banking for customers in rural areas.

Conduct, Culture & Accountability

Federal Court Finds NAB Knowingly Overcharged Customers

08/11/2022

NAB became aware of the issue in January 2017 and did not stop overcharging customers until February 2019, court documents say.

Payments & Settlements

HK Banks Offer ‘PAPT’ Option for Mortgage Refinance Transactions

08/11/2022

The PAPT is being introduced to address risks that could arise for residential mortgage customers if a law firm handling a transaction is suspended.