Enforcement

FSS Korea on Recruitment Drive to Enhance Inspections

24/10/2023

The FSS is hiring 25 lawyers and accountants from financial firms to bolster its inspections and curb unfair practices.

Hong Kong Gazettes Commencement Notice for Bankruptcy Legislation

20/10/2023

The Commencement Notice seeks to appoint 29 December 2023 as the commencement date for amendments to the Bankruptcy and Companies Legislation.

Fintech / Regtech

India to Add More Banks to Singapore Payments Linkage – Report

19/10/2023

India and Singapore are planning to expand the number of Indian banks participating in the PayNow-UPI linkage launched in February.

Capital / Liquidity

APRA Calls for Improvements in Credit Risk Provisioning Practices

19/10/2023

Judgment-based adjustments to address model and data limitations should be supported by appropriately documented analysis and robust controls and governance.

AML / KYC

RBI Revises KYC Guidelines to Reflect Recent AML Law Changes

18/10/2023

The amendments cover beneficial owner identification, customer due diligence, information-sharing policies, and other areas.

Enforcement

RBI Imposes Record Penalty on ICICI Bank for Rule Violations

18/10/2023

The penalty against ICICI Bank was more than all the combined penalties imposed by the RBI on private banks for fiscal year 2023.

UOB Kay Hian Redesignates Director After SGX RegCo Queries

18/10/2023

SGX RegCo questioned the director’s independence given his substantial shareholding in UOB Kay Hian and long association with the company.

Enforcement

Japan FSA Orders Report Explaining Zengin-Net Outage

18/10/2023

Zengin-Net has to produce a report explaining last week’s outage and measures taken to prevent a recurrence.

HKMA Takes Issue With Rate Setting Practices in Premium Financing

17/10/2023

Some AIs changed the interest rates they charged for premium financing facilities without ensuring customers knew such changes were possible.