Conduct, Culture & Accountability

Philippine SEC Issues Implementing Rules for Consumer Protection Act

01/05/2023

The implementing rules set out the enforcement actions the SEC may take as well as measures to protect financial consumers.

Supervision & Enforcement

US Govt Accountability Office Shines Light on Causes of Bank Failures

30/04/2023

GAO says regulators “did not escalate supervisory actions in time” to prevent the failures of Silicon Valley Bank and Signature Bank.

CBDCs

China to Start Using CBDC in Cross-Border Trade

28/04/2023

Xuzhou will use the e-CNY for payment of Belt and Road trade costs; Changshu City will use it to pay civil servants.

Anti-Money Laundering

BSP Issues Guidance on Effective Transaction Monitoring

27/04/2023

The guidance calls on regulated financial institutions to bolster their TM systems, highlighting the importance of board of senior management involvement.

Credit Risk

RBNZ Proposes to Ease Mortgage Lending Restrictions

27/04/2023

The RBNZ proposes to ease the existing LVR restrictions by 1 June as it now sees reduced risks to financial stability.

Reporting & Disclosures

ECB Urges Banks to Improve Climate Risk Disclosures

25/04/2023

The ECB is concerned that banks are not prepared for new climate and environmental risk disclosure standards that take effect mid-year.

PEPs & Sanctions

US Fines Seagate Over Hard Drive Shipments to Huawei

24/04/2023

Seagate was fined $300mn, the largest standalone administrative penalty in BIS history, for shipping hard drives to Huawei in violation of US export controls.

Fraud, Scams & Cybercrime

Taiwan Targets Misleading Online Financial Advertisements

23/04/2023

Meta is said to be addressing scams “more efficiently” than Google, after Taiwan regulators asked both to remove misleading financial ads from their platforms.

Trading & Investment

US SEC Issues Guidance on Providing Advice to Retail Investors

21/04/2023

Finance professionals should apply “heightened scrutiny” when recommending or advising on complex and risky products, such as crypto asset securities.