ASIC Bans Excessive Fees Charged to Small Credit Customers

15/07/2022

ASIC’s orders prohibit the provision of short term credit and continuing credit contracts which involve unreasonably high fees charged to retail clients.

AML / KYC

Fraudulent Transactions Cost 4x the Loss Amount on Average

14/07/2022

Every $1 lost to fraud costs organisations an average of $3.99 in APAC, and around $6.33 for digital banks and alternative lenders, LexisNexis Risk Solutions finds.

Crypto / Digital Assets

CPMI, IOSCO Issue Final Guidance on Stablecoin Arrangements

14/07/2022

CPMI and IOSCO confirm that the PFMI apply to systemically important stablecoin arrangements that transfer stablecoins.

AML / KYC

UK Issues Guidance on Preventing Sanctions Evasion

14/07/2022

London-based enablers are “almost certain” to be in senior positions within their company or business, says a red alert from the NCA and OFSI.

AML / KYC

Australian Banks Introduce Dynamic CVV to Reduce Card Fraud

14/07/2022

Westpac customers who use dynamic CVV have seen an 80 percent reduction in fraud compared to those who don’t.

Crypto / Digital Assets

FSB Updates G20 on Covid-19, Climate, Crypto Work

13/07/2022

Accompanying the letter to the G20 is a report on exit strategies to address COVID-19 scarring in the financial sector, and a statement on crypto-asset regulation.

Enforcement

China Imposes Antitrust Fines Against Tencent, Alibaba, Others

12/07/2022

Tencent was fined CNY 6 million for its involvement in 12 transactions on a list of deals that were not properly reported.

Enforcement

Korea FSS Bolsters Ability to Confront FIs in Court

12/07/2022

The FSS will be able to engage competent law firms with greater ease, and in some cases share legal costs with the FSC.

Fintech / Regtech

Cambodia Establishes Common National Standard for QR Payments

12/07/2022

NBC intends to use the new KHQR system to facilitate cross-border payments within the region in future.