Fraud, Scams & Cybercrime

Korea FSS Vows to Punish Daegu Bank for Opening Fake Accounts

13/10/2023

FSS inspections found that 1,662 securities accounts were illegally opened by 114 employees across 56 Daegu Bank branches.

Anti-Bribery & Corruption

HK ICAC Hosts First Belt & Road Anti-Corruption Training

13/10/2023

The ICAC said it is contributing to building a “Clean Silk Road” by providing anti-corruption training to Belt and Road countries.

Supervision & Enforcement

FSS Korea Strengthens Capital Markets Inspection System   

11/10/2023

Market participants that engage in illicit conduct will face immediate deregistration or licence revocation for even a single offence.

PEPs & Sanctions

BSP Highlights Importance of PEPs Due Diligence

11/10/2023

Domestic and international organisation PEPs, unlike foreign PEPs, are not automatically considered as high risk.

Structural Regulation

Australia to Amend Superannuation Tax Concession Policy

06/10/2023

The government is proposing “slightly less generous” tax concessions for individuals with a total superannuation balances above A$3mn.

Anti-Money Laundering

Pakistan Set to Establish Autonomous AML Authority – Report

06/10/2023

The authority will be tasked with tracking and monitoring money laundering and terrorist financing, while also serving as a policymaking body.

Structural Regulation

BNM to Finalise Licensing Framework for Digital Insurers in 2024

06/10/2023

Following consultation, BNM said it would refine and enhance several aspects of the framework for digital insurers and takaful operators.

Emerging Prudential Risks

Japanese, Korean Regulators Agree to Strengthen Cooperation

06/10/2023

The FSA and FSC will cooperate on financial stability, climate change, and digitalisation of financial services. KFB and JBA also signed an MoU.

CBDCs

BIS to Advise Korea on Design & Implementation of CBDC Pilot

05/10/2023

South Korean regulators will start testing a wholesale CBDC with commercial banks this month, and a retail CBDC in Q4 of next year.