ADVERTISEMENT
PEPs & Sanctions
OFAC Issues Sanctions Guidance for Crypto Sector
By Editors | 17/10/2021
OFAC expects virtual currency operators to identify and block IP addresses that originate in sanctioned jurisdictions, including via VPNs.
Payments & Settlements
PBOC Tightens Rules on Use of Payment Acceptance Terminals
By Mark Johnston | 17/10/2021
The geographical location of bank card and barcode payment acceptance terminals must be established and monitored to ensure consistency with the merchant’s registered location.
Operational Risk
CBIRC Fines Privately Owned Banks Over Poor Risk Controls
By Editors | 15/10/2021
The fine against Chongqing Fumin Bank was the largest ever against a privately owned bank. Two others were also penalised.
Data Privacy
RBI to Allow Foreign Banks to Store Limited Data Overseas
By Editors | 14/10/2021
Following meetings with foreign banks, the RBI will allow certain static data to be stored in offshore locations for AML and sanctions screening purposes.
Supervision & Enforcement
RBNZ Consults on Approach to Enforcement Decision-making
By Editors | 14/10/2021
A new consultation paper seeks feedback on the principles and criteria which will guide the RBNZ’s enforcement decision-making process moving forward.
Conduct, Culture & Accountability
ASIC Calls for Review of Non-compliant Whistleblower Policies
By Editors | 13/10/2021
Some policies inaccurately refer to obsolete requirements for whistleblowers to identify themselves or make disclosures in good faith or without malice to qualify for protection.
Fraud, Scams & Cybercrime
Hong Kong Police Arrest 32 Over PLGS Loan Fraud
By Sanday Chongo Kabange | 13/10/2021
A syndicate with triad links allegedly use cold calls and posed as bank staff to lure victims into the illicit scheme promising government-guaranteed low-interest loans.
Anti-Bribery & Corruption
China Launches Inspections of Financial Regulators, State Banks
By Editors | 13/10/2021
Inspection teams will be dispatched to the PBOC, CBIRC, CSRC, stock exchanges, and state-owned banks and asset managers to identify corruption.
CBDCs
G7 Ministers to Endorse Guiding Principles for CBDC – Report
By Editors | 13/10/2021
The principles call for appropriate regulation and oversight, rigorous privacy and data protection standards, and safeguards to prevent fraud and sanctions evasion.
Fraud, Scams & Cybercrime
RBI Announces Fraud Theme for Fourth Sandbox Cohort
By Mark Johnston | 12/10/2021
The RBI said ‘prevention and mitigation of financial frauds’ will be the theme for the fourth regulatory sandbox cohort.
JOIN OUR NEWSLETTER
An exclusive weekly selection of top stories from the Regulation Asia editorial team.