Fintech / Regtech

BSP Upgrades Infrastructure to Support Big Data Applications

16/06/2022

The BSP plans to start using big data sources and applications in 2023, starting with an index that will analyse online news to gauge the sentiment.

Enforcement

US SEC Penalises Schwab Over Robo-Adviser Disclosures

16/06/2022

High cash balances resulted in lower returns for robo-adviser clients.  The effect of this “cash drag” was not disclosed to clients, the SEC said.

AML / KYC

Singapore Trade Finance Registry to Go Live in Q4

16/06/2022

The Association of Banks in Singapore has selected MonetaGo and GUUD to deliver a registry that will prevent duplicate financing and fraud.

Market Infrastructure

US Lawmakers Propose Measures to Block Investment in China

16/06/2022

The bill, if passed, will bring more pain to US companies than Chinese companies, says a China Foreign Ministry spokesman.

AML / KYC

UK OFSI Gets Stronger Powers to Punish Sanctions Breaches

16/06/2022

OFSI will no longer have to prove a person had knowledge or reasonable cause to suspect they were in breach of sanctions to impose a civil penalty.

Market Infrastructure

US Fed Raises Interest Rates by Most Since in 28 Years

16/06/2022

The HKMA has responded with a 75bp interest rate hike of its own, after intervening overnight to defend the HKD peg to the US dollar.

Big Picture

HKIMR Explores Pandemic Lessons for Operational Resilience

16/06/2022

Effective implementation of business continuity plans was a key factor contributing to operational resilience, says new report.

AML / KYC

US, UK to Jointly Promote Privacy-Enhancing Tech for AML

15/06/2022

The joint initiative will seek to accelerate the development of privacy-preserving federated learning solutions that can help to combat financial crime.

Enforcement

NZ FMA Fines Cigna for ANZ Product Distribution Failures

15/06/2022

ANZ was fined last year for making misleading representations when distributing CCRI policies, many of which were issued by Cigna and OnePath.