Operational Risk

    News on frameworks, regulations, and major events related to risks arising from internal processes, systems failures, human errors, or external disruptions.

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    Cybersecurity

    Hong Kong’s Regulatory Landscape for Data and Technology Risk

    By Albert Yuen | 09/01/2023

    Albert Yuen and Jasmine Yung at Linklaters discuss Hong Kong’s regulatory approach to technology risk and data security.

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    Operational Risk

    Taiwan FSC Fines Cathay United Bank Again Over Outages

    By Editors | 06/01/2023

    The fine is the highest ever imposed against a bank by the FSC for IT-related issues. The bank’s president will also have his salary cut for three months.

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    Emerging Prudential Risks

    Japan Insurance Gap to Limit LNG Flow from Russia

    By Sanday Chongo Kabange | 04/01/2023

    Following talks with reinsurers, Japanese insurers can continue offering marine war insurance to LNG carriers in Russian waters until March.

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    Payments & Settlements

    BNM Finalises New Rules for Electronic Money Issuers

    By Editors | 03/01/2023

    E-money issuers with more than 500,000 active users are subject to stricter governance, business continuity management and technology risk management requirements.

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    Supervision & Enforcement

    CBIRC Revises Rating System for Foreign Bank Branches

    By Editors | 03/01/2023

    The new framework increases the weighting on compliance, and includes point deductions for mismanagement and increases in business risk.

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    Cybersecurity

    Korea FSC to Revise Rules to Mitigate IT Security Risks

    By Manesh Samtani | 02/01/2023

    On-site inspection will be initiated “immediately” in the event that financial services are interrupted for more than three hours due to a computer accident.

    Anti-Money Laundering

    Regulation Asia: Top Ten Contributed Articles for 2022

    By Editors | 28/12/2022

    This list presents the most-read contributed articles published by Regulation Asia in 2022, based on aggregated user traffic analytics.

    Cryptocurrency

    Insurers Are Denying Coverage to Crypto Firms Linked to FTX

    By Editors | 27/12/2022

    When coverage is provided, it is becoming more pricey and contains broad policy exclusions that would deny any FTX-related claims.

    Fraud, Scams & Cybercrime

    Korea FSS Directs Shinhan, Woori to Improve Controls

    By Editors | 23/12/2022

    The FSS told Shinhan Bank to strengthen its fraud detection system and Woori Bank to improve its post-sale management of fund products.

    Capital Adequacy

    BaFin Imposes Capital Charge on StanChart’s German Unit

    By Editors | 23/12/2022

    The regulator said the bank’s internal organisation did not meet legal requirements, without disclosing further details.

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