Fintech / Regtech

Korea FSS Commences Inspections of Internet-only Banks

06/04/2022

The FSS is set to conduct 779 regular or occasional inspections on financial firms throughout this year.

AML / KYC

Singapore Tightens Laws on Technology Risk, Crypto Assets

06/04/2022

FIs would face penalties over SGD 1 million for breaching TRM requirements. VASPs will have to be licensed to offer services in Singapore.

ESG / Sustainability

RBI Identifies Faults in Risk, Compliance, Audit Functions

05/04/2022

The RBI has bolstered its supervisory focus at banks amid findings of compliance, risk management and internal audit weaknesses.

BSP Allows Trust Companies to Outsource Internal Audit Function

04/04/2022

The BSP says trust companies can use the internal audit function of a parent bank or NBFI, or outsource internal audit activities to an external firm.

Capital / Liquidity

Korea to Allow Some Regulatory Relaxations to Expire in Three Months

03/04/2022

Banks can continue to total hold LCR at 85% for three more months, following which the FSC will raise the total LCR requirement back to 100% in steps.

AML / KYC

US DOJ Charges Two for NFT Fraud, Money Laundering

01/04/2022

The two defendants promised benefits to NFTs buyers and then transferred the $1.1mn in crypto proceeds to various wallets under their control.

Fintech / Regtech

BSP Requires Banks to Implement Real Time Fraud Monitoring

31/03/2022

Under new relations, Philippine banks and NBFIs are required to implement automated and real-time fraud monitoring and detection systems by end-December.

Securities / Derivatives

Korea FSS Seeks Stronger Audit Regulations to Prevent Fraud

31/03/2022

The FSS will examine 180 companies and 17 audit firms this year, while also enhancing its audit screening exercises and strengthening punitive sanctions.

Crypto / Digital Assets

HKEX Sets Out Vision to Build ‘Marketplace of the Future’

30/03/2022

HKEX will introduce a new platform for ESG-related products, ETF connect schemes with the mainland, more yuan products, and more listing reforms.