Fraud, Scams & Cybercrime

FSC Taiwan Lowers Notification Threshold for Online Transactions

21/01/2022

Banks have six months to update their system to reflect the new TWD 3,000 threshold that will trigger notifications that an online card transaction has taken place.

Trading & Investment

Shanghai INE Opens Applications for New Market Makers

20/01/2022

Shanghai INE says new market makers must have net assets of no less than CNY 50 million or its equivalent in foreign currency.

Conduct, Culture & Accountability

Statewide Superannuation Fined for Overcharging, Misleading Members

19/01/2022

Statewide also reported its breaches to ASIC some 45 days late. The firm is required to undertake a remediation programme and engage an independent expert for review.

Fraud, Scams & Cybercrime

Russia Says REvil Hacking Group Has Been Dismantled

18/01/2022

Russia’s intelligence bureau raided 25 properties, detained 14 individuals, and seized cash, cryptocurrency and luxury vehicles.

Cryptocurrency

ASIC Warns Against Investing Super in Crypto Assets

18/01/2022

ASIC says individuals who set up self-managed super funds may be increasingly targeted by scammers to invest in crypto-assets.

Operational Risk

Hong Kong Anti Covid Restrictions Take Toll on Banks

18/01/2022

Banks including Goldman Sachs, Bank of America, Morgan Stanley and UBS are struggling to bring key executives into Hong Kong due to flight bans.

Anti-Money Laundering

KoFIU Unveils AML Supervision & Inspection Plan for 2022

18/01/2022

KoFIU will begin inspections on VASPs, financial institutions, casinos and mutual finance companies starting February.

Cloud & Infrastructure

FSC Korea Reiterates Plans to Regulate Bigtech in Financial Services

17/01/2022

The FSC will apply “same rules for same services” to ensure fair competition between bigtech firms and financial institutions.

Trading & Investment

SEBI Issues Framework for Operationalising Gold Exchanges

14/01/2022

‘Electronic Gold Receipt’ transactions have been divided into three tranches: creation of EGRs, trading of EGRs on stock exchanges, and conversion back into physical gold.