Anti-Bribery & Corruption

SFC Permanently Bans Ex-HSBC Employee Over Bribery Convictions

02/03/2022

The former vice president accepted gifts as inducements to handle credit applications and maintain the credit facilities for two companies controlled by a client.

Cryptocurrency

China Supreme Court Makes Crypto Fundraising a Criminal Offence

02/03/2022

Fundraising that exceeds CNY 50 million, or losses involving at CNY 25 million or 5,000 people, could result in more than 10 years in prison.

Conduct, Culture & Accountability

SFC, HKMA Launch Joint Review of Investment Product Selling Practices

02/03/2022

The review’s objectives are to assess intermediaries’ compliance with requirements to perform product due diligence, conduct suitability assessments and provide information to clients.

Emerging Prudential Risks

Bangladesh to Extend Deposit Protection to NBFIs

01/03/2022

Currently only bank depositors are protected and customers of other types of deposit-taking financial institutions are not covered.

Cloud & Infrastructure

FSC Korea Issues Guidelines on Mobile Bank Apps

01/03/2022

Banks are expected to introduce updated versions of their mobile applications to make them more “senior friendly” by the first half of 2023.

Data Privacy

UK, Singapore Bolster Cooperation on Data Flows, Financial Services

01/03/2022

The UKSDEA promotes free flows of data between the UK and Singapore including in financial services. Both countries will work towards recognising each other’s digital identity systems.

Liquidity Risk

MAS Introduces Liquidity Requirement for Recognised Market Operators

01/03/2022

Effective from 28 March, RMOs will have to hold at least 25 percent of their annual operating costs in cash and cash equivalents.

Liquidity Risk

RBNZ Launches First Consultation Reviewing Liquidity Policy

01/03/2022

The paper asks for initial views on whether the RBNZ should consider adopting the BCBS liquidity framework, and whether its proposed principles for the review are appropriate.

Anti-Money Laundering

AUSTRAC Launches Federal Court Proceedings Against Crown Casinos

01/03/2022

Crown Melbourne and Crown Perth failed to assess ML/TF risk, carry out appropriate due diligence on customers, and establish a transaction monitoring programme.