Supervision & Enforcement

SEBI to Shorten Time Allowed to Settle Enforcement Proceedings

16/09/2021

SEBI proposes to reduce the timeline allowed for entities to file applications to settle enforcement proceedings from 180 to 60 days.

Fraud, Scams & Cybercrime

CBA Faces Criminal Charges Over Consumer Credit Insurance Sales

16/09/2021

Commonwealth Bank plans to plead guilty to making false or misleading representations to customers about insurance policies.

Fraud, Scams & Cybercrime

Singapore Authorities Warn of SMS Diversion Attacks

15/09/2021

Malicious actors gained access to the systems of overseas telecom operators to divert SMS OTPs and authenticate fraudulent card transactions.

PEPs & Sanctions

DPRK ‘Launders’ Vessel Identities to Evade Sanctions: C4ADS

15/09/2021

C4ADS says fraudulent ship registrations created with the IMO are being used to ‘launder’ the identity of vessels associated with illicit activities.

Clearing & Post-Trade

DTCC to Launch DLT-Based Settlement Platform in Q1 2022

15/09/2021

Project Ion will create an alternative clearance and settlement option for US equity markets that leverages distributed ledger technology.

Credit Risk

Vietnam Extends Debt Rescheduling as Bad Debts Pile Up

15/09/2021

The SBV is allowing lenders to extend the repayment term for customers by six months more months and granting more time for overdue debts to be restructured.

Fraud, Scams & Cybercrime

Hong Kong ICAC Files Criminal Charges Against Former AXA Agents

15/09/2021

Three ex-insurance agents allegedly conspired to defraud AXA of HK$1.2mn in commissions and bonuses, and to launder over HK$2.7mn in crime proceeds.

Conduct, Culture & Accountability

PCAOB Fines KPMG Australia Over Training-related Misconduct

15/09/2021

Cheating in online training tests was found to be widespread within the audit practice. KPMG Australia sanctioned 1,131 individuals.

Liquidity Risk

CBIRC Drafts Liquidity Risk Management Rules for WMPs

15/09/2021

Wealth management firms must continually monitor liquidity risk in wealth management products as well as the assets in which they invest.