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Operational Risk
Taiwan FSC Reveals Focus Areas of 2022 Inspections
By Editors | 03/01/2022
The 7 core focus areas include consumer protection, real estate credit, information security, conflicts of interest, and green finance.
Cybersecurity
BNM Revises Regulatory Framework for Money Services Businesses
By Mark Johnston | 03/01/2022
The draft rules cover governance arrangements, operational requirements, risk management and internal controls, and IT requirements.
Fraud, Scams & Cybercrime
SG Police Warns of Phishing Scams Impacting OCBC Customers
By Editors | 02/01/2022
At least 469 victims have fallen prey to phishing SMS scams during December 2021, with losses amounting to at least SGD 8.5 million.
Anti-Money Laundering
UK Court Hands Down Longest Ever Jail Terms for Money Laundering
By Editors | 02/01/2022
A Russian and Lithuanian were sentenced to 16 and 17 years in prison, respectively, for laundering £70mn over four years.
Data Privacy
Taiwan FSC Issues New Data Sharing Guidelines for FIs
By Editors | 02/01/2022
Data may be shared between FIs, subject to consent, if it can enhance customer convenience, improve operations, or facilitate cooperative business arrangements or partnerships.
Anti-Money Laundering
SFC Fines Grand International Futures for AML Breaches
By Editors | 02/01/2022
Grand International Futures did not conduct due diligence on customer supplied systems, resulting in thier use to create subaccounts and solicit investment from Mainland investors.
Structural Regulation
CSRC Drafts New Rules for Domestic Firms Seeking Overseas IPOs
By Manesh Samtani | 29/12/2021
Companies seeking overseas listings, including those with VIE structures, will have to first register with the CSRC. International banks underwriting such listings must also register.
Emerging Prudential Risks
FSC Korea Sets Out Work Programme for 2022
By Mark Johnston | 29/12/2021
The work plan focuses on measures to maintain financial stability, reduce debt risks, promote financial innovation, and enhance the FSC’s rules on network security.
Credit Risk
Taiwan FSC to Inspect Real Estate Credit Controls at FIs
By Darien Choong | 28/12/2021
The central bank has further tightened real estate credit controls. The FSC will conduct inspections on 20 financial institutions to ensure they are complying.
Structural Regulation
Sri Lanka Regulator to Align Rules with New SEC Act Within January
By Duruthu E Chandrasekera | 28/12/2021
The new SEC Act passed in September paves the way for new rules and guidelines to raise ESG standards among listed companies in Sri Lanka.
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