Crypto / Digital Assets

Bank of Canada Papers Shine Spotlight on Stablecoins

27/12/2022

The first paper calls for effective regulation to gain payments-related benefits. The second highlights concentration risks applicable to stablecoins and their holders.

Crypto / Digital Assets

FINRA Issues Additional Guidance on Ransomware Risk

22/12/2022

Attacks have proliferated due to the increased use of technology, continued adoption of cryptocurrencies, and the emergence of Ransomware-as-a-Service models.

Big Picture

HKIMR Report Explores Challenges of Climate Risk Measurement

22/12/2022

The report introduces a data management framework and a model risk management framework to help FIs manage climate-related data and model risks.

Enforcement

ASIC Files Suit Against Finder Wallet Over Crypto-related Product

20/12/2022

Finder Wallet offered a crypto-related product that paid customers a return for use of their funds, like a debenture, ASIC says.

Securities / Derivatives

APRA Heatmap Identifies 15 Poorly-Performing MySuper Products

19/12/2022

An estimated 8.1 million MySuper members benefitted from a drop in total fees and costs since last year’s heatmap was published.

Crypto / Digital Assets

NYDFS Issues Guidance on Crypto-Related Activities for Banks

19/12/2022

New York regulated banks, as well as branches and agencies of foreign banks licensed by the NYDFS, need prior approval to engage in virtual currency-related activities.

Market Infrastructure

ASX Commits to Providing Certainty on Stability of CHESS

16/12/2022

ASIC and the RBA asked ASX to issue a special audited report detailing arrangements to ensure the stability, security and resilience of the existing CHESS system.

AML / KYC

Danske Bank to Pay $2bn to Resolve DOJ, SEC Probes

15/12/2022

Danske Bank admitted to allowing high-risk non-resident customers from other countries including Russia to use its Estonia branch to access US banks.

Enforcement

UK FCA Fines Metro Bank for Incorrect RWA Disclosure

14/12/2022

The bank published incorrect information concerning its risk-weighted assets and did not disclose the error to investors despite knowing it was wrong.