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Emerging Prudential Risks
Hong Kong Introduces Legislation to Enhance Regulatory Framework for Insurers
By Editors | 23/03/2020
The bills provide a regulatory regime for insurance-linked securities, expand the scope of insurable risks of captive insurers, and empower the IA to regulate insurers at the group level.
Credit Risk
Australia Adjusts Regulatory Settings on Responsible Lending
By Editors | 22/03/2020
Six-month exemptions from responsible lending obligations are available to lenders that provide credit to existing small business customers.
Anti-Money Laundering
MAS Penalises Trust Company for AML/CFT Failings
By Editors | 20/03/2020
TMF Trustees Singapore was penalised SG$400,000 for failing to verify the source of wealth and monitor transactions on an ongoing basis.
Fraud, Scams & Cybercrime
MAS Bans Six Individuals for Fraud and Dishonest Conduct
By Editors | 19/03/2020
The first five individuals abused their clients’ trust for their personal gain and the last evaded taxes. All six also received prison sentences.
Payments & Settlements
RBI Brings Payment Aggregators Under Regulatory Remit
By Editors | 19/03/2020
The capital requirement for payment aggregators has been reduced to 150mn rupees, down from 1bn rupees proposed in September.
Cryptocurrency
S. Korea Approves Revisions to Legal Framework for Crypto
By Editors | 18/03/2020
The revision bill was introduced last November, and passed on 5 March. The government has now approved the revision act at a cabinet meeting on 17 March.
Supervision & Enforcement
ASIC Launches Civil Proceedings Against Commonwealth Bank
By Editors | 17/03/2020
CBA said it intends to admit the allegations ASIC has made in each of the two cases, and does not intend to defend against the proceedings.
Anti-Bribery & Corruption
Bank of Communications Manager Gets Nine Years Jail for Bribery
By Editors | 12/03/2020
The former manager accepted more than 10 million yuan in bribes and embezzled a further 820,000 yuan, representing illegal gains from organising employee competitions and events.
Anti-Money Laundering
Australia: Senate Committee Backs Passage of AML Amendments
By Editors | 12/03/2020
The bill allows firms to rely on KYC performed by third parties, strengthens correspondent banking protections, and promotes greater use of financial intelligence to combat financial crime.
Anti-Money Laundering
European Banking Federation Publishes AML Blueprint
By Editors | 11/03/2020
The EBF identifies four priorities that need to be addressed, from which it has formulated 20 concrete policy recommendations detailed in the blueprint.
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