Fraud, Scams & Cybercrime

Malaysia Budget 2023 to Tackle Scams, Promote Capital Market

09/10/2022

Budget 2023 includes measures to strengthen the capital market, protect against scams and cyber threats, and drive the ESG and climate change agenda.

Anti-Money Laundering

Singapore Government Publishes New National CTF Strategy

09/10/2022

A national risk assessment found remittance agents and banks to be the most vulnerable. MAS will develop new guidance for both sectors.

Cryptocurrency

Interest Rate Caps Do Not Apply to Bitcoin Loans, Korean Court Rules

09/10/2022

The case involves a loan worth 30 bitcoins with an annual interest rate of 60 percent. Korean law caps interest rates on loans at 24 percent.

Conduct, Culture & Accountability

RBI Directs CICs to Appoint Internal Ombudsman by April 2023

08/10/2022

Clients of regulated entities will have a free alternative dispute resolution for grievances against credit information companies.

Cryptocurrency

CME to Launch New Crypto Reference Rates, Indices

08/10/2022

New reference rates and real-time indices will be introduced for AVAX, FIL and XTZ. The launch will not include tradable futures products.

PEPs & Sanctions

LME Considers Banning Russian Metals from Warehouses

08/10/2022

Even without direct sanctions, a significant number of metals consumers are expressing an unwillingness to accept Russian metal in 2023, LME says.

KYC & CDD

ACRA Implements Requirements to Disclose Nominees, Controllers

08/10/2022

Local and foreign companies are required to maintain a register of nominee shareholders, and lodge information on their controllers with ACRA.

Conduct, Culture & Accountability

New Zealand: Conduct Issues Result in Remediation Worth NZ$150m

08/10/2022

Conduct issues in the life insurance and banking sectors resulted in over NZD 43 million and NZD 109 million in customer remediation, respectively.

Liquidity Risk

IMF Calls on Policymakers to Address Fund Redemption Risks

08/10/2022

Policymakers should provide guidance on how open-ended funds should calibrate swing pricing and similar tools, and monitor their implementation.