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Fraud, Scams & Cybercrime
HK Police Arrest 38 Individuals for Covid Loan Fraud
By Editors | 23/03/2022
The individuals set up 53 shell companies and submitted false documents to banks to obtain loans under the government support scheme for Covid hit businesses.
Anti-Money Laundering
SG Police Charge Two for Disclosing Singpass Login Details
By Editors | 23/03/2022
The Singpass login details were used by scam syndicates to open new bank accounts to launder the proceeds of crime.
Credit Risk
RBI Issues New Guidelines on the Provision of Microfinance Loans
By Ranamita Chakraborty | 23/03/2022
The RBI is lifting the interest rate ceiling on microfinance loans, but says it will continue to check that lenders do not charge “usurious” rates.
Structural Regulation
BSEC Orders Bourses to Reshuffle Regulatory Affairs Divisions
By Editors | 23/03/2022
Stock exchange employees working in Regulatory Affairs departments for more than three years must transfer to other departments immediately.
Conduct, Culture & Accountability
ASIC Warns on Using ‘Influencers’ to Promote Financial Products
By Sanday Chongo Kabange | 22/03/2022
ASIC places responsibility firmly on AFS licensees to ensure that any influencers they use and the financial-related content they present complies with the law.
KYC & CDD
GLEIF Welcomes LEI System’s First India Validation Agent
By Editors | 22/03/2022
Rubix Data Sciences has become the first India-based Validation Agent within the Global LEI System, and the sixth globally.
Cryptocurrency
Australia Opens Consultation on Regulatory Regime for Crypto
By Manesh Samtani | 22/03/2022
The consultation proposes minimum standards of conduct, AML compliance obligations, and fit and proper requirements for directors and key persons.
Conduct, Culture & Accountability
IOSCO to Develop Regulatory Toolkit on Retail Investor Protection
By Manesh Samtani | 21/03/2022
IOSCO consultation asks whether certain gamification should be regulated or prohibited, and whether regulators should be monitoring crypto-asset trading by retail investors.
PEPs & Sanctions
Russia Promises to Contain Economic Fallout from Sanctions
By Manesh Samtani | 21/03/2022
Australia bans alumina exports to Russia. India is working on a rupee-ruble trade arrangement that would allow it to continue buying Russian energy.
Trading & Investment
State Street to Be Dismissed as Manager of HK Tracker Fund
By Editors | 21/03/2022
Hong Kong’s government commenced a review last year to assess State Street’s role as the manager of TraHK, the city’s largest and most-popular ETF.
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