AML / KYC

BSP Sanctions BDO, UBP Over Unauthorised Bank Transfers

04/05/2022

The BSP said it has completed its investigation into the incident and sanctioned both BDO Unibank and UBP, but it did not specify the penalties.

AML / KYC

NAB Enters Undertaking to Uplift AML/CTF Compliance

04/05/2022

NAB’s action plan has to be completed by 31 Dec 2024, and a final report issued by Mar 2025. An independent auditor will have to report progress to AUSTRAC annually.

Enforcement

UK Regulator Accuses HSBC of Greenwashing Through Advertising

04/05/2022

The UK’s advertising watchdog says HSBC misled customers by selectively promoting its green initiatives without mentioning its continued financing of fossil fuel businesses.

Fintech / Regtech

India’s GIFT City to Introduce Fintech Regulatory Sandbox

04/05/2022

The dedicated regulatory sandbox is part of government efforts to establish GIFT City as ‘world class’ fintech hub.

Market Infrastructure

US, Europe to Pilot Real-time Cross-border Payments This Year

03/05/2022

The IXB pilot service will initially support instant payments in the USD-EUR corridor, with a full-service offering expected in 2023.

Securities / Derivatives

China, US Discuss Logistics of Cross-border Audit Inspections

03/05/2022

Regulators are discussing the logistical and operational details for a new mechanism that will enable the PCAOB to visit China for audit inspections.

Capital / Liquidity

PBOC, CBIRC Issue Rules to Improve G-SIB Loss-absorbing Capacity

03/05/2022

The notice is aimed at facilitating the issuance of non-capital bonds with loss-absorbing capacity by Chinese D-SIBs.

AML / KYC

Korean Police Arrest Woori Employee for Embezzlement

03/05/2022

The theft occurred in three separate withdrawals between 2012 and 2018. It went undetected despite 11 inspections and audits at Woori during the period.

Securities / Derivatives

Taiwan FSC Allows Cross-institutional Data Sharing

03/05/2022

Information sharing will be allowed between FIs that do not have group relations, provided that the data sharing model is first reviewed and approved by the FSC.