Anti-Money Laundering

AUSTRAC Issues Guidance on Identifying Forced Sexual Servitude

07/02/2022

New financial crime guide provides practical advice to enable banks, businesses, and other FIs to identify and report potential cases of forced sexual servitude.

Operational Risk

MAS Imposes Capital Surcharge on DBS for November Outage

07/02/2022

DBS has to hold SGD 930 million in additional regulatory capital until MAS is satisfied that it has addressed all shortcomings identified by an independent reviewer.

Structural Regulation

ESMA Launches New Register for Simple Securitisations

07/02/2022

The new register provides originators and sponsors an enhanced notification system and assists investors in performing due diligence.

Credit Risk

PBOC, CBIRC Revise Rules for Banks on Commercial Bills Business

07/02/2022

Banks and finance companies should not conduct commercial bill financing business exceeding 15 percent of their total assets.

Fraud, Scams & Cybercrime

Australian Billionaire Launches Criminal Proceedings Against Facebook

06/02/2022

Fortescue Metals Group chairman Andrew Forrest alleges that Facebook broke AML laws by failing to prevent crypto scams from being advertised on its platform.

Capital Adequacy

EU Regulators Consider Stricter Rules for Foreign Banks

06/02/2022

EU regulators are reportedly considering rule revisions that could force more foreign banks to operate as subsidiaries rather than branches.

Fraud, Scams & Cybercrime

China Eases Process for Investors to Seek Redress for Securities Fraud

06/02/2022

Administrative penalties or criminal judgments will no longer be preconditions for courts to accept civil compensation cases involving securities fraud.

Reporting & Disclosures

CDSB Consolidates into IFRS Foundation to Support ISSB

06/02/2022

The consolidation includes the transfer of CDSB staff and core intellectual property and technical assets to support the work of the ISSB.

AI Risk & Governance

Singapore Gets New Methodologies to Assess Responsible AI Use

06/02/2022

A new open-source software toolkit has also been published to enable financial institutions to automate the fairness metrics assessment.