Hong Kong FRC Consults on New Regulatory Powers

10/03/2022

The FRC will extend the scope of its oversight to all practicing auditors and accountants, instead of just those servicing listed companies.

Big Picture

Hong Kong Balance of Risks Tilted to the Downside: IMF

10/03/2022

The IMF says Hong Kong authorities should strengthen analysis of Mainland-related credit risks, and ensure internal models used by local banks are sufficiently forward-looking.

Capital / Liquidity

Korea FSS Asks Banks to Increase Bad Debt Reserves

10/03/2022

The FSS said economic uncertainties both domestic and abroad have increased, making it unclear whether banks have sufficient loss absorbing capacity.

Market Infrastructure

CSA Singapore to Update Cybersecurity Act, Code of Practice

09/03/2022

The updates will seek to address ransomware, cloud and 5G technology risks faced by critical information infrastructure sectors including banking & finance.

Securities / Derivatives

FSC Korea Revises Corporate Governance Disclosure Rules

08/03/2022

The revisions will require companies to provide additional disclosures in relation to business split-offs and internal transactions with affiliated firms.

AML / KYC

BOT Extends Deadline for PayPal’s AML Compliance to Year-End

08/03/2022

PayPal was scheduled to suspend most services for Thai consumers from 7 March as part of a relaunch of its services to comply with local regulations.

Enforcement

Indian Police Arrest Former NSE Head Chitra Ramkrishna

07/03/2022

The CBI said evidence shows that Ramkrishna engaged in a conspiracy with another executive, after she coerced NSE’s HR department to hire him.

Big Picture

BCBS Expresses Concerns About Credit Risk Uncertainty

07/03/2022

Supervisors are concerned that residual support measures may be masking true credit risk conditions in the banking sector, the BCBS says.

AML / KYC

KoFIU Directs Crypto Exchanges to Improve AML Staffing

05/03/2022

The proportion of staff dedicated to AML compliance at Korea’s crypto exchanges stands at around 8 percent.