Anti-Money Laundering

FCA Fines UK Challenger Bank for Weak AML Controls

17/10/2022

Gatehouse Bank failed to perform appropriate checks on customers based in high-risk countries and customers that were classified as PEPs.

Fraud, Scams & Cybercrime

Thailand Creates Working Group to Tackle Social Media Scams

16/10/2022

Facebook accounts will be tracked and websites will be blocked if they are found to be promoting fraudulent investment schemes or raising funds illegally.

Cryptocurrency

China Blocks 13 Crypto Apps Found to be Locally Accessible

16/10/2022

13 mobile apps for crypto trading that were still accessible in China have been removed from app stores at the direction of a Beijing court.

Resolution & Recovery

RBI Revises Rules for Asset Reconstruction Companies

16/10/2022

Under the new framework, ARCs can act as resolution applicants under the Insolvency and Bankruptcy Code.

Fraud, Scams & Cybercrime

Singapore: SMS Sender ID Registration to Become Mandatory

15/10/2022

All non-registered SMS sender IDs after 31 Jan 2023 will be channelled to a sender ID with the header “Likely-SCAM”.

Structural Regulation

Thai SEC Launches New E-Licensing Services Pilot

15/10/2022

The services will initially allow online submissions of applications for two types of licenses. Full e-licensing services will launch in Q1 2023.

Capital Adequacy

RBI Directs Banks to Treat Certain Rated Exposures as Unrated

15/10/2022

Banks must treat corporate and NBFC exposures as if they were unrated if the lenders’ details are not disclosed in rating actions.

Cryptocurrency

Thai SEC Orders Bitkub to Fix Standards of Native Token

15/10/2022

The SEC says KUB Coin’s so-called “adminTransfer” function could be used by attackers to transfer digital assets from any wallet.

Cybersecurity

BSP Directs FIs to Bolster Email Security, Cyber Awareness

15/10/2022

Financial institutions are directed to adopt “robust and layered” security controls and industry best practices to reinforce email security.