Anti-Money Laundering

SFC Fines China Everbright Securities for AML/CFT Violations

16/06/2022

Unrelated clients received deposits from the same third party within four days, and then used the funds to trade in the same stock.

AI Risk & Governance

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.

Conduct, Culture & Accountability

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.

Fraud, Scams & Cybercrime

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.

Structural Regulation

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.

PEPs & Sanctions

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.

Emerging Prudential Risks

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.

Operational Risk

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.

Anti-Money Laundering

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.