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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.
Fraud, Scams & Cybercrime
US Agencies Warn of North Korean ATM Cash-out Threat
By Manesh Samtani | 30/08/2020
The hacking team uses various techniques to gain access to banks’ SWIFT terminals to enable wire fraud or their payment switch application servers to enable ATM cash-outs.
Operational Risk
APRA Imposes Licence Conditions on NAB Unit NULIS Nominees
By Editors | 28/08/2020
NULIS Nominees is required to improve its governance and control environment, and ensure members’ best interests are prioritised in its decision-making.
Supervision & Enforcement
CSRC Publishes Classification Results for Securities Firms
By Editors | 27/08/2020
The classification reflects securities firms’ governance structures, risk management capabilities, continuous compliance status, and business development status.
Structural Regulation
APRA Consults on Changes to EFS Reporting Standards
By Sanday Chongo Kabange | 25/08/2020
The consultation is open for comment until 25 September. The changes are proposed to be effective for the reporting period ending June 2021.
Credit Risk
BOT to Launch Debt Restructuring Programme for Businesses
By Sanday Chongo Kabange | 24/08/2020
The new programme is designed to help businesses to restructure debt owed to multiple creditors. A similar programme for household borrowers already exists.
AI Risk & Governance
Hong Kong AoF Publishes Report on AI Adoption in Banking
By Editors | 23/08/2020
The report provides insights about the risk management frameworks and overarching supervisory principles banks use when adopting artificial intelligence.
Operational Risk
Global Lockdowns Could Accelerate BCBS 239 Compliance
By John Berven | 17/08/2020
BCBS 239 implementation progress has veered off course at some banks as a result of the Covid-19 crisis, prompting a need for reassessment, says John Berven at Solidatus.
Cybersecurity
Taiwan to Require IT Security Enhancements at Financial Firms
By Editors | 10/08/2020
The FSC will require big financial firms to be able to restore operations within four hours after a disaster (possibly less for securities firms), among other measures.
Data Privacy
CBIRC Fines Two Major Banks for Data Privacy Breaches
By Editors | 09/08/2020
China Merchants Bank and Bank of Communications were fined for failing to protect the personal data of credit card customers.
Cybersecurity
Australia Unveils Cyber Security Strategy for 2020
By Editors | 06/08/2020
Law enforcement will receive funding to bolster its ability to go after cyber criminals, complemented by the use of AUSTRAC’s financial intelligence expertise to target their profits.
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