Fraud, Scams & Cybercrime

China Directs CPAs to Target Financial Fraud in Audits

18/10/2022

CPAs and accounting firms are directed to identify and fix weak links in their audit processes, and improve their ability to deal with financial fraud.

Emerging Prudential Risks

RBNZ Concludes First Consultation on Monetary Policy Remit

18/10/2022

Many respondents felt climate change should not be included in monetary policy decision-making, and that the RBNZ should increase its emphasis on price stability.

Trading & Investment

RBI Directs Bank to Reduce Activity in Offshore Rupee Market

18/10/2022

The RBI started allowing local banks to participate in the NDF market in 2020, but their activity is adding further downward pressure on the rupee.

Conduct, Culture & Accountability

HK Consumer Council Warns of Inadequate BNPL Protections

18/10/2022

The Consumer Council is calling on non-bank BNPL service providers to apply for a Money Lenders Licence and to implement consumer protection measures “as soon as possible”.

Anti-Money Laundering

NSW Regulator Imposes Max Penalty on Casino Giant The Star

18/10/2022

Casino giant The Star has been fined A$100mn and had its licence in NSW suspended due to its failure to prevent money laundering at its Sydney casino.

Anti-Money Laundering

Japan Cabinet Passes Bill to Strengthen AML System

18/10/2022

Crypto exchanges will be obliged to share information on users and screen customers against sanctions lists.

PEPs & Sanctions

HSBC Suspends Investment Services for Russian Clients in Hong Kong

18/10/2022

HSBC has reportedly sent a letter to most of its Russian retail clients in Hong Kong saying it is unable to provide them investment services because of sanctions imposed by the EU.

Trading & Investment

CME Group to Launch USD-denominated TOPIX Futures

18/10/2022

The new contract is designed to complement the existing JPY-denominated TOPIX futures contract launched in February 2018.

Credit Risk

HKMA Revises Return Templates to Streamline Bank Reporting

18/10/2022

Banks are no longer required to report their top ten non-bank Mainland China exposures on an aggregate basis.