RBI Issues Guidance for NBFCs on Senior Manager Remuneration

07/05/2022

NBFCs should constitute remuneration committees and use malus or clawback arrangements to account for possible misconduct or poor financial performance.

ESG / Sustainability

Human Rights Abuses Prompt Review of Cambodian Microloans

07/05/2022

Ombudsman agrees to review complaint from Cambodian NGOs alleging IFC funding contributed to human rights abuses in microfinance lending.

Enforcement

CBIRC Warns Three FIs Over Complaints Handling Violations

07/05/2022

ICBC, China Everbright Bank and China Post Life Insurance violated the CBIRC’s rules for handling customer complaints and reporting complaints data.

Capital / Liquidity

RBI Surprises Market with Interest Rate Hike

06/05/2022

The RBI also increased the cash reserve ratio, the percentage of cash that banks need to keep in reserve against their total deposits.

Enforcement

Two Convicted in Singapore’s Largest-ever Market Manipulation Case

06/05/2022

Two individuals were convicted on 349 charges for controlling and using 187 trading accounts to manipulate three penny stocks before they collapsed in October 2013.

AML / KYC

Central African Republic Adopts Bitcoin as Legal Tender

06/05/2022

The adoption of Bitcoin as legal tender is expected to make transactions in CAR easier, but the move is seen as part of a power struggle between Russia and France.

Enforcement

Australian Court Penalises RI Advice Over Cybersecurity Failures

06/05/2022

The ruling is the first of its kind in Australia, and follows cyber incidents that occurred at authorised representatives of RI Advice between 2014 and 2020.

Fintech / Regtech

J5 Publishes Red Flag Indicators to Address NFT Risks

05/05/2022

Tax enforcement agencies provide a list of account and transaction attributes from NFT marketplaces that may indicate fraud or other illicit activity.

Big Picture

DTCC Calls for Greater Scrutiny of Interconnectedness Risks

05/05/2022

Interconnectedness, while providing benefits, poses certain risks that need to be recognised and analysed to guard against system-wide vulnerabilities, DTCC says.