AFCA Alarmed by Rising Complaints Regarding Hardship Assistance

04/04/2024

In 2023, AFCA recorded a 25% increase in complaints involving financial difficulty, which includes disputes over hardship assistance.

Enforcement

Hong Kong Insurance Authority Signs Collaboration MoU with HKPF

03/04/2024

The Insurance Authority and Hong Kong Police Force will collaborate on case referrals, joint investigations and capacity building.

ESG / Sustainability

APRA to Conduct Second Climate Risk Management Survey

03/04/2024

APRA will make the survey available to all banking, insurance, and superannuation entities that it supervises, though participation is voluntary.

Enforcement

ACCC Fines HSBC for Disclosing Inaccurate CDR Data

03/04/2024

HSBC failed to disclose complete mortgage interest rate details and accurate credit card balances in response to separate requests for this data made via the CDR.

Capital / Liquidity

Indonesia Formally Ends Pandemic Support Measures

03/04/2024

The OJK said Indonesia’s economy has recovered from the pandemic and banks have strong capital, sufficient liquidity and good risk management.

AML / KYC

FinCEN Considers Changes to CIP Rule to Modernise AML/CFT Regime

02/04/2024

FinCEN is considering changes to requirements for banks to collect a full Social Security number from customers during onboarding.

HKMA Announces Nine New Measures to Support SMEs

02/04/2024

The measures will enhance the financing support for SMEs and make it easier for them to compare, select offerings from, and switch to different banks.

AML / KYC

AMLC Names and Shames DNFBPs That Have Failed to Register

01/04/2024

The AMLC named one real estate developer and ten jewelry dealers that have failed to comply with their registration obligations.

Enforcement

HK Court Jails Former AXA Agents for Fraud, Money Laundering

01/04/2024

The three former AXA insurance agents were sentenced for defrauding AXA of commissions and bonuses and for laundering the proceeds.