Thisanka Siripala
Thisanka Siripala is an experienced journalist and a reporter for Regulation Asia based in Japan.
Articles by Thisanka Siripala
Operational Risk
Japan FSA Calls on Banks to Improve Internal Audit Function
16/09/2024
Japanese FIs are directed to refer to the IIA’s Global Internal Audit Standards to enhance their internal audit functions, by 1 January 2025.
Cryptocurrency
UK Introduces Bill to Clarify Legal Status of Digital Assets
16/09/2024
The legislation will formally classify crypto, NFTs and certain tokenised assets as property, enabling courts to more effectively handle disputes.
Anti-Money Laundering
Korea Unveils New Measures to Stamp Out Illegal Loans
14/09/2024
The FSC will take control of the registration process from local governments. Capital requirements and penalties for violations will also increase.
Cybersecurity
Japan to Develop Guidelines to Quantum Proof Financial Sector
13/09/2024
A set of guidelines will be prepared to assist FIs in preparing for a transition to post-quantum cryptography, drawing from NIST standards.
Reporting & Disclosures
New Zealand FMA Calls For Better Ethical Investing Disclosures
13/09/2024
The FMA says it may pursue regulatory action for misleading or deceptive conduct, advertising or disclosures regarding ethical investments.
Capital Adequacy
Korea to Introduce Stress Buffer Capital Requirement for Banks
13/09/2024
The requirement will apply to 17 commercial banks and eight financial holding firms, requiring them to hold extra capital based on their stress test results.
Payments & Settlements
Japanese Megabanks to Stop Issuing Paper Bills and Cheques
13/09/2024
Sumitomo Mitsui will discontinue paper bills and cheques altogether in September 2025. MUFG and Mizuho Bank are expected to follow suit.
Stablecoins
Ripple Considers Issuing Japanese Yen Stablecoin – Reports
12/09/2024
Ripple CEO Brad Garlinghouse hinted that Ripple could issue a yen stablecoin once its planned USD stablecoin is approved in the US.
Payments & Settlements
Japan Backs FSB Plan to Streamline Cross-border Payments
12/09/2024
However, the Japanese Bankers Association is calling for incentives to help boost the adoption of LEIs, which are currently costly and complex to implement.
Reporting & Disclosures
Korean Firms Unprepared for Anti-Greenwashing Rules – Report
12/09/2024
A survey found that businesses lack executive awareness, expertise, and resources to address greenwashing regulations.
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