Supervision & Enforcement

Senate Inquiry Recommends Complete Overhaul of ASIC

08/07/2024

Senator Andrew Bragg said too many Australians have been hurt by ASIC’s “persistent failure” to enforce the law and win prosecutions.

Cloud & Infrastructure

HKMA, IA Launch Open API Framework Linkage

08/07/2024

The new linkage seeks to enhance the mutual adoption of APIs for use cases across the banking and insurance sectors.

Anti-Money Laundering

HKMA Fines DBS for Historical AML Deficiencies

08/07/2024

HKMA investigation found deficiencies in the bank’s systems and controls for compliance with the AMLO.

Fraud, Scams & Cybercrime

Australia: ATO Joins Anti-Scam Intelligence Sharing Platform

08/07/2024

The ATO has become the first government agency to join the ‘AFCX Anti‑Scam Intelligence Loop’.

Structural Regulation

HKMA Identifies Compliance Issues at Banks’ Trust Businesses

08/07/2024

No instances of non-compliance were found in self-assessments, though there were 12 instances of “partial compliance”.

Data Privacy

CDR Negatively Impacting Competition, says Australia Banking Body

05/07/2024

ABA says the CDR regime is not delivering for customers or enhancing competition in Australia’s banking industry.

Liquidity Risk

SFC Issues Reminder on Financial Resources Adequacy Monitoring

05/07/2024

The SFC issued the reminder after it found undesirable practices and internal control deficiencies leading to breaches of the liquid capital requirement.

Conduct, Culture & Accountability

Australia Passes First Tranche of Financial Advice Reforms

05/07/2024

The legislation seeks to streamline the delivery of financial advice while strengthening transparency and protections for consumers.

Market Abuse

Hong Kong Hedge Fund Manager To Disgorge False Trading Profit

05/07/2024

The MMT has ordered a hedge fund manager to disgorge HK$ 5.6 million illicit profit and disqualified him for four years.