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Australia Proposes Reduced Barriers to Financial Advice Profession
By Editors | 29/08/2022
Treasury proposes to remove tertiary education requirements for experienced financial advisers, and simpler requirements for new entrants to the industry.
Enforcement
Myanmar Warns Against Illegal Foreign Exchange Trading
By Mark Johnston | 29/08/2022
The central bank warned that serious action will be taken against online businesses that are found to be illegally buying and selling foreign currencies.
Enforcement
Bangladesh Bank Intensifies Crackdown on Illegal FX Transactions
By Mark Johnston | 29/08/2022
Dozens of money changers are being investigated for money laundering. Several banks are accused of making “excessive” profits from dollar sales.
Fintech / Regtech
FSC Korea Unveils Reforms to Promote Digital Financial Services
By Sanday Chongo Kabange | 29/08/2022
The FSC will increase opportunities for FIs and fintechs to offer services via integrated apps, while ensuring consumer protections are in place.
Big Picture
Addressing Fraud Risk Requires Multi-Pronged Approach – Report
By Editors | 29/08/2022
NICE Actimize and Regulation Asia have published a new white paper exploring the banking industry’s response to fraud and online scams in APAC.
Fintech / Regtech
Australia Consults on CDR Expansion to Non Bank Lending
By Editors | 29/08/2022
A report from Treasury says information about non-bank lending products as well as customer information should be subject to CDR data-sharing obligations.
ESG / Sustainability
Japan Publishes Results of Climate Scenario Analysis Exercise
By Editors | 29/08/2022
The results highlight a need for banks to use common assumptions within their models, refine their analysis of individual companies, and enhance their methodologies.
Market Infrastructure
US, Chinese Authorities Sign Audit Cooperation Deal
By Manesh Samtani | 29/08/2022
PCAOB inspectors will be on the ground in Hong Kong by mid-September to conduct their inspections of auditors of US-listed Chinese firms.
Crypto / Digital Assets
MAS Seeking Granular Business Activity Info From Crypto Firms
By Editors | 29/08/2022
The exercise is reportedly aimed at gathering information from crypto-related firms in Singapore ahead of planned regulatory changes for the sector.
Enforcement
HKMA Fines Commerzbank for CDD & PEP Screening Failures
By Editors | 29/08/2022
The HKMA found control lapses in onboarding due diligence as well as ineffective procedures for determining whether beneficial owners were PEPs.
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