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News on frameworks, regulations, and major events related to risks arising from internal processes, systems failures, human errors, or external disruptions.
Structural Regulation
ASIC Announces Updated Financial Reporting Rules for AFS Licensees
By Editors | 07/06/2022
AFS licensees’ financial reports must contain disclosures consistent with the financial reports of other for-profit entities, prepared under AASB standards.
Credit Risk
CBIRC Directs FIs to Offer Additional Relief to Covid-Hit Sectors
By Editors | 07/06/2022
The CBIRC is asking banks and insurers to improve the financial services they provide to enterprises in industries affected by Covid-19.
Operational Risk
MAS Finalises Revisions to BCM Guidelines for FIs
By Manesh Samtani | 07/06/2022
FIs have until 6 June 2023 to meet the requirements of the revised guidelines, and until 6 June 2024 to conduct their first BCM audit.
Operational Risk
HSBC, Hang Seng Suffer Internet Banking, ATM Disruption
By Editors | 06/06/2022
Finance sector legislator Chan Chun-ying said he expects the HKMA to demand detailed reports on the incident from the two banks.
Market Risk
Philippine: DOF to Have Oversight of FX Trades by Govt Entities
By Editors | 04/06/2022
The Department of Finance is directed through a presidential order to provide oversight of FX derivatives activities of non-bank government entities.
Fraud, Scams & Cybercrime
Singapore Banks to Adopt More Scam Prevention Measures
By Darien Choong | 02/06/2022
The measures include an emergency self-service ‘kill switch’, enhancements to fraud surveillance systems, and additional customer confirmations.
Operational Risk
HK Banks Given Four Years to Achieve Operational Resilience
By Manesh Samtani | 01/06/2022
The HKMA has given banks one year to develop their operational resilience framework, and a further three years for implementation.
Conduct, Culture & Accountability
ASIC Files Suit Against ANZ Over ‘Unlawful’ Credit Card Charges
By Editors | 31/05/2022
ANZ charged fees and interest to customers who withdrew funds that were shown as available on their credit card account balances.
Liquidity Risk
RBNZ Commends Westpac for Improved Liquidity Risk Management
By Editors | 31/05/2022
The RBNZ says Westpac NZ has improved its liquidity risk management and risk culture by improving resourcing and governance.
Operational Risk
MAS Raises OCBC Capital Requirement for Scam Incident
By Editors | 27/05/2022
OCBC has to apply a 1.3x multiplier to its RWA for operational risk, which translates to additional regulatory capital of S$330mn.
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