Operational Risk

RBI Identifies Faults in Risk, Compliance, Audit Functions

05/04/2022

The RBI has bolstered its supervisory focus at banks amid findings of compliance, risk management and internal audit weaknesses.

Operational Risk

BSP Allows Trust Companies to Outsource Internal Audit Function

04/04/2022

The BSP says trust companies can use the internal audit function of a parent bank or NBFI, or outsource internal audit activities to an external firm.

Liquidity Risk

Korea to Allow Some Regulatory Relaxations to Expire in Three Months

03/04/2022

Banks can continue to total hold LCR at 85% for three more months, following which the FSC will raise the total LCR requirement back to 100% in steps.

Fraud, Scams & Cybercrime

US DOJ Charges Two for NFT Fraud, Money Laundering

01/04/2022

The two defendants promised benefits to NFTs buyers and then transferred the $1.1mn in crypto proceeds to various wallets under their control.

Fraud, Scams & Cybercrime

BSP Requires Banks to Implement Real Time Fraud Monitoring

31/03/2022

Under new relations, Philippine banks and NBFIs are required to implement automated and real-time fraud monitoring and detection systems by end-December.

Fraud, Scams & Cybercrime

Korea FSS Seeks Stronger Audit Regulations to Prevent Fraud

31/03/2022

The FSS will examine 180 companies and 17 audit firms this year, while also enhancing its audit screening exercises and strengthening punitive sanctions.

Trading & Investment

HKEX Sets Out Vision to Build ‘Marketplace of the Future’

30/03/2022

HKEX will introduce a new platform for ESG-related products, ETF connect schemes with the mainland, more yuan products, and more listing reforms.

AI Risk & Governance

Australia Consults on Regulatory Framework for Financial Advice

29/03/2022

The consultation asks how fintech could help reduce financial advice costs and how to make advice more accessible, including through robo-advisers.

Conduct, Culture & Accountability

ASIC Probes Fund Managers for Misleading Marketing

24/03/2022

ASIC is assessing whether fund managers made false or misleading statements or engaged in misleading or deceptive conduct when marketing their funds.