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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.
Cybersecurity
Singapore Financial Sector Sees Increased Cyber Attack Frequency
By Editors | 23/07/2020
In a VMware Carbon Black report, financial services firms cited a rise in attack frequency and sophistication, with custom malware the most frequently experienced attack.
Operational Risk
APRA Urges Super Licencees to Simplify, Consolidate Products
By Editors | 23/07/2020
This level of choice in the super industry may work against competition, overwhelming members with the more than 40,000 available options, says APRA’s Helen Rowell.
Credit Risk
CBIRC Issues Final Rules for Banks Engaged in Online Lending
By Editors | 23/07/2020
Online loans by banks should generally not exceed a one year term or 200,000 yuan per household. Banks must ensure loan proceeds are not used for property or risky investments.
Payments & Settlements
BNM Issues Draft Rules on Merchant Acquiring Services
By Editors | 22/07/2020
The exposure draft sets out regulatory requirements for merchant acquiring services to ensure proper risk management amid rapid changes in the e-payments landscape.
Liquidity Risk
CSRC to Introduce Side Pocket Mechanism for Funds
By Editors | 15/07/2020
The CSRC first issued draft guidelines in August 2019, saying it was “learning from liquidity risk management in overseas markets”.
Credit Risk
ASIC Directs Listed Firms to Disclose Covid-19 Impacts
By Editors | 09/07/2020
Firms should “tell the story” of how their businesses are impacted by the Covid-19 pandemic, including support and assistance received from government, lenders, landlords and others.
Credit Risk
Singapore Banks Join Forces to Reduce Commodity Lending Risk
By Editors | 02/07/2020
Some 20 banks in Singapore have set up a working group to propose new guidelines to improve lending practices and transparency for the commodity sector.
Supervision & Enforcement
APRA Heatmap Having Desired Effect on Super Fees
By Editors | 02/07/2020
APRA is putting more than a dozen MySuper trustees on notice that it is considering enforcement action against those that continue to underperform on fees.
Operational Risk
APRA Seeks Additional Data from Superannuation Licensees
By Editors | 25/06/2020
Superannuation licensees will have to report monthly and quarterly data covering areas such as complaints, insurance claims, operational resilience, FX exposure, and liquidity.
Credit Risk
BOT Announces ‘Phase 2’ Measures to Support Debtors
By Editors | 23/06/2020
Lenders are directed to sustain debtors through lower interest rates and fees, expanded credit limits, delayed property seizures, and other debt relief and restructuring measures.
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