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Conduct, Culture & Accountability
ASIC Offers Whistleblower Guidance for Auditors, Company Officers
By Editors | 01/07/2020
The guidance explains the obligations of company auditors and company officers under the whistleblower protection provisions under the Corporations Act.
KYC & CDD
BNM e-KYC Policy for Customer Onboarding Takes Effect
By Editors | 30/06/2020
Financial institutions have the freedom to decide on any combination of methods to identify and verify customers through e-KYC, but prior BNM approval is required.
Anti-Money Laundering
FATF Progresses Key Initiatives at June 2020 Plenary
By Editors | 30/06/2020
The Plenary discussed progress on virtual assets, stablecoins, illegal wildlife trade, and work on an enhanced framework for mutual evaluations and follow-up.
PEPs & Sanctions
National Security Legislation Promulgates in Hong Kong
By Editors | 30/06/2020
A legislative notice has been posted in the Hong Kong gazette, saying the national law applies in the city as part of the Basic Law from 11pm on 30 June 2020.
Supervision & Enforcement
BSP Defers Adoption of New Supervisory Assessment Framework
By Editors | 30/06/2020
The six-month deferral is intended to give FIs more time to prepare for implementation, given the impact of the Covid-19 pandemic.
Fraud, Scams & Cybercrime
UPDATED – Wirecard Fraud: A Timeline of Events
By Editors | 30/06/2020
Wirecard has filed for insolvency amid multiple probes. BaFin faces scrutiny for mishandling clear red flags. EY faces lawsuits for failing to catch the improprieties earlier.
Structural Regulation
India Brings Cooperative Banks Under RBI Oversight
By Editors | 29/06/2020
Under the Banking Regulation Act amendments, cooperative banks can also undertake merger and restructuring activities more easily and access to fundraising channels.
Fraud, Scams & Cybercrime
Luckin Coffee Abandons Plans to Appeal Nasdaq Delisting
By Editors | 29/06/2020
A hearing with Nasdaq Hearings Panel was scheduled for Thursday but Luckin withdrew its request a day before.
Supervision & Enforcement
RBNZ Secures Funding to Boost Supervisory, Enforcement Capability
By Editors | 28/06/2020
The RBNZ will direct the additional funding towards its supervisory and enforcement capability, technology infrastructure and security architecture.
Credit Risk
China: Regional Lenders Continue to Hide Bad Loans
By Editors | 28/06/2020
In its latest audit report, China’s National Audit Office found bad loan ratios to be nearly twice what some regional banks reported, among other violations.
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