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Supervision & Enforcement
BOJ, FSA Advance Work to Coordinate Supervisory Functions
By Sanday Chongo Kabange | 17/07/2022
The FSA and BOJ have started sharing information reported by FIs using common templates and are establishing a new data platform to collect granular data from the industry.
Anti-Money Laundering
NSW Authorities Inquire Into Money Laundering via Gaming Machines
By Editors | 17/07/2022
NSW Crime Commission issued new papers as part of an inquiry into money laundering via electronic gaming machines at pubs, clubs and hotels.
Cryptocurrency
Thailand Refines Rules for Crypto Firms, Issues Draft Rules for Banks
By Manesh Samtani | 15/07/2022
The SEC amended capital requirements and other rules for crypto firms. The BOT issued draft rules for banks dealing in crypto. Two crypto exchanges were penalised.
Credit Risk
CBIRC Directs Banks, Insurers to Support Manufacturers
By Darien Choong | 15/07/2022
The CBIRC says banks should “actively and rationally cede profits to manufacturing sector enterprises” while also strengthening risk controls.
Fraud, Scams & Cybercrime
Fraudulent Transactions Cost 4x the Loss Amount on Average
By Editors | 14/07/2022
Every $1 lost to fraud costs organisations an average of $3.99 in APAC, and around $6.33 for digital banks and alternative lenders, LexisNexis Risk Solutions finds.
PEPs & Sanctions
UK Issues Guidance on Preventing Sanctions Evasion
By Editors | 14/07/2022
London-based enablers are “almost certain” to be in senior positions within their company or business, says a red alert from the NCA and OFSI.
Fraud, Scams & Cybercrime
Australian Banks Introduce Dynamic CVV to Reduce Card Fraud
By Editors | 14/07/2022
Westpac customers who use dynamic CVV have seen an 80 percent reduction in fraud compared to those who don’t.
Fraud, Scams & Cybercrime
China Arrests Gang Responsible for Henan Bank Fraud
By Darien Choong | 14/07/2022
The four Henan rural banks which froze withdrawals will start repaying some customers. The CBIRC pledged to formulate a disposal plan soon.
Anti-Money Laundering
HKMA Advances Work on AML SupTech, Bank-to-Bank Data Sharing
By Darien Choong | 13/07/2022
HKMA executive director Carmen Chu discussed initiatives to enable bank-to-bank information sharing and use granular bank data to detect ML risk.
Supervision & Enforcement
Korea FSS Bolsters Ability to Confront FIs in Court
By Editors | 12/07/2022
The FSS will be able to engage competent law firms with greater ease, and in some cases share legal costs with the FSC.
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