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Anti-Money Laundering
Philippine May Pass Bank Secrecy Law Amendments Next Month
By Editors | 20/10/2022
The amendments will allow the BSP to look into deposit accounts for inquiries into fraud, serious irregularity, and unlawful activity.
Cybersecurity
Singapore Establishes Inter-agency Taskforce on Ransomware
By Editors | 20/10/2022
The Counter Ransomware Task Force comprises senior government representatives from the technology, cybersecurity, financial regulation and law enforcement domains.
PEPs & Sanctions
EU to Sanction Iran Over Drone Sales to Russia
By Editors | 20/10/2022
The EU has just imposed sanctions over the way protests in Iran are being handled. The drone transfers to Russia are considered a violation of a UNSC resolution.
Payments & Settlements
Korea Warns Against Direct FX Transactions Between Individuals
By Editors | 19/10/2022
Any foreign currency transactions worth more than KRW 5,000 has to be reported to the central bank, or face penalties for violating Korea’s foreign exchange laws.
Fraud, Scams & Cybercrime
Philippines to Curb Scams by Requiring ID Registration for SIM Cards
By Editors | 19/10/2022
Telcos are required to collect customer ID information when selling SIM cards. The law is aimed at curbing the spread of spam text messages and scams.
Supervision & Enforcement
Malaysia SC Signs Regional MMoU on Supervisory Cooperation
By Editors | 19/10/2022
Malaysia’s SC now has a cooperative arrangement on supervisory matters with regional counterparts in Australia, Hong Kong, Japan, Singapore and Thailand.
Cryptocurrency
US Regulators Probe Failed Crypto Firm Three Arrows Capital
By Editors | 19/10/2022
The SEC and CFTC are reportedly looking into whether Three Arrows misled investors and violated rules by not registering its business.
PEPs & Sanctions
Canada, Switzerland Sanction More Russians, EU Considers 9th Package
By Manesh Samtani | 19/10/2022
The next round of EU sanctions could include limits on LPG imports, more restrictions against Russian banks, and a ban on the sale of European real estate to Russians.
Credit Risk
RBI Tightens Rules on Disclosing NPA, Provisioning Divergences
By Editors | 18/10/2022
Norms that apply to commercial banks on disclosing NPA and provisioning divergences are being tightened, and extended to UCBs.
Anti-Bribery & Corruption
HK Regulator Urges Insurers to Cooperate with ICAC Investigations
By Editors | 18/10/2022
The Insurance Authority asks insurance CEOs to promptly respond to requests to produce evidence for corruption investigations.
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