Enforcement

APRA Removes NAB’s Capital Add-On for Operational Risk

14/03/2024

APRA has removed the A$500mn capital add-on it imposed on NAB in 2019 to reflect higher operational risk identified in its risk governance self-assessment.

AML / KYC

HKMA to Establish Regulatory Sandbox for Stablecoin Issuers

13/03/2024

The HKMA will use the sandbox to communicate supervisory expectations and guidance on the issuance of fiat-referenced stablecoins in Hong Kong.

Enforcement

Hong Kong ICAC Charges Former Senior Official of Insurance Authority

13/03/2024

The former IA executive director threatened Prudential with the use of supervisory powers if it did not hire her daughter-in-law and give her a bigger salary package.

Fintech / Regtech

BSP Studying Impact of Generative AI on Banking Industry

12/03/2024

The BSP is seeking to introduce  ‘guardrails’ to mitigate potential risks associated with the use of Gen AI in the banking industry.

Australia Drafts Legislation to Bring BNPL Under Credit Act

12/03/2024

BNPL providers will be required to obtain a credit licence, comply with requirements under the Credit Act, and make sure they are lending responsibly.

Market Infrastructure

Australia to Introduce “Financial Sector Regulatory Grid”

12/03/2024

The new regulatory grid system will enable ASIC, APRA, the ACCC, the RBA and the ATO to better coordinate financial sector regulation.

Enforcement

ASIC Issues First Ever Penalty Against Market Operator

07/03/2024

ASX has paid A$1.05mn for a pre-trade transparency failure caused by “carelessness rather than recklessness or intentional misconduct”.

Australia: Islamic Bank Returns Restricted ADI Licence to APRA

07/03/2024

Islamic Bank was going to be Australia’s first purely Islamic bank but decided to surrender its restricted ADI licence due to capital raising challenges.

ESG / Sustainability

RBNZ Considers Ways to Build Climate Risk into Credit Risk Weights

07/03/2024

When considering any future changes to the approach to setting risk weights, the RBNZ will ensure they are data-driven and explicitly linked to financial risk.