Fraud, Scams & Cybercrime

Australian Court Orders Super Trustee to Pay A$20m

22/02/2022

Aware Financial Services Australia charged over 25,000 customers over AUD 50 million in fees for financial services it did not provide.

Trading & Investment

Hang Seng Indexes Company Proposes to Create New China Index

22/02/2022

The proposed index would be comprised of HSCEI constituents as well as some A-shares, according to the consultation paper.

Liquidity Risk

Bank Liquidity Has Improved Amid Pandemic: BCBS

22/02/2022

Capital shortfalls for the final Basel III requirements are at a historically low level, due at least in part to capital distribution constraints during the pandemic.

Cybersecurity

Japan FSA to Inspect FIs for Cybersecurity Effectiveness

22/02/2022

The FSA will carry out inspections to verify the effectiveness of cyber security systems at FIs. Common issues and good practices identified will be shared with the industry.

PEPs & Sanctions

US Imposes Sanctions Against ‘Breakaway’ Regions in Ukraine

22/02/2022

The sanctions come after Russian President Vladimir Putin signed a decree recognising two regions in eastern Ukraine as independent.

KYC & CDD

China: Regulators Suspend Implementation of New CDD Rules

22/02/2022

The new rules were meant to take effect on 1 March, but implementation has been suspended “due to technical reasons”.

KYC & CDD

AUSTRAC Proposes New Guidance on Performing SoF, SoW Checks

22/02/2022

The draft guidance explains source of funds and source of wealth checks, and when reporting entities should perform such checks using a risk-based approach.

Anti-Money Laundering

Philippine AMLC Asks FIs to Guard Against Digital Vote-Buying

21/02/2022

The advisory comes in anticipation of an influx of financial activities that usually occur during elections. The Philippines has a general election on 8 May.

Payments & Settlements

Nepal to Become First Country to Deploy India’s UPI

21/02/2022

Nepal’s UPI is expected to be deployed over the next few months, with all the functionalities and features presently available in India.