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Emerging Prudential Risks
China Crackdown Brings Number of Active P2P Lenders to Zero
By Sanday Chongo Kabange | 02/12/2020
Chinese media reports that the number of P2P lenders has now fallen to zero, down from a peak of almost 6,000 such firms in 2017.
Fraud, Scams & Cybercrime
MAS Bans Two Former Insurance Agents for Dishonest Conduct
By Editors | 02/12/2020
Former representatives of Aviva Financial Advisers and Great Eastern Life were banned for misconduct in the selling of integrated shield policies.
Capital Adequacy
RBNZ Consults on Insurance Act, Solvency Standards
By Sanday Chongo Kabange | 02/12/2020
The consultations form part of a multi-year review to ensure the existing frameworks remain effective and promote public trust in the insurance sector.
PEPs & Sanctions
The Increasing Reliance on Data for Sanctioned Securities Screening
By Manesh Samtani | 02/12/2020
The onus often falls on FIs to uncover any links between sanctioned entities and potentially related securities, which can involve a significant data challenge.
Supervision & Enforcement
ASIC Files Court Proceedings Against CBA for Overcharged Interest
By Sanday Chongo Kabange | 02/12/2020
The overcharging of interest in overdraft accounts was caused by a systems error, which CBA tried to fix manually. ASIC says the bank broke the law over 12,000 times.
PEPs & Sanctions
US to Designate Four Companies as Linked to Chinese Military
By Editors | 02/12/2020
The companies that will reportedly be added to the list of companies linked to the Chinese military include chipmaker SMIC and oil giant CNOOC.
Supervision & Enforcement
HKMA Consults on Revised SPM on Group-wide Bank Supervision
By Editors | 02/12/2020
The revised SPM accounts for holding companies established overseas and intermediate holding companies, including those that are unregulated or engaged in non-financial activities.
Anti-Money Laundering
SFC Directs Senior Managers to Correct AML/CFT Deficiencies
By Editors | 02/12/2020
The SFC found deficiencies in areas including oversight, internal controls, risk assessments, third party deposits, SoW/SoF checks, and sanctions screening, among others.
Market Abuse
Former Convoy Executives Found Not Guilty in ‘Enigma Network’ Case
By Editors | 02/12/2020
The judge ruled that the evidence provided by prosecutors was not sufficient to prove there was any attempt to deceive the stock exchange or Convoy directors or investors.
Anti-Money Laundering
FATF Consults on AML/CTF Frictions in Cross-border Payments
By Editors | 01/12/2020
The FATF seeks feedback to help identify how divergent AML/CFT measures adopted at the national level add to the challenges of cross-border payments.
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