Operational Risk

China Implements New Bank Performance Evaluation Mechanism

07/01/2021

State-owned banks based on their contributions to the economy, high quality development, risk management, and operational efficiency.

KYC & CDD

PBOC Penalises Tenpay, Three Others for Violations – Report

07/01/2021

Tencent’s payment platform Tenpay was fined for providing payment services for illegal and false transactions, and processing QR code payments without a licence.

Fraud, Scams & Cybercrime

Chinese Court Orders Ratings Firm to Compensate Bond Creditors

07/01/2021

The court held Dagong Global Credit Rating, its controller, underwriter, accounting firm, and law firm jointly responsible for defaults by a construction company three years ago.

AI Risk & Governance

MAS Announces Completion of Phase One of Veritas Initiative

06/01/2021

The first phase of Veritas resulted in the development of a fairness assessment methodology based on the FEAT principles for two use cases.

Payments & Settlements

White House Bans US Transactions With Chinese Payment Apps

06/01/2021

White House allies including Treasury Secretary Steve Mnuchin also reportedly pressured the NYSE to again reverse its decision on delisting Chinese telecom stocks.

Liquidity Risk

APRA Announced Further Reduction in Committed Liquidity Facility

06/01/2021

If outstanding government securities continue to increase beyond 2021, the CLF may no longer be required in the foreseeable future, APRA says.

Structural Regulation

PBOC Confiscates $3m in Illegal Gains from Credit Bureau

06/01/2021

The credit bureau engaged in personal credit business without approval and failed to report senior management changes in a timely manner.

Structural Regulation

India: IFSCA Becomes IOSCO Associate Member

06/01/2021

The IFSCA was established in April 2020 as a unified authority to regulate all financial services in Gift City, India’s international financial services centre.

Fraud, Scams & Cybercrime

ATO Reviews Superannuation Withdrawals for Rule Breaches

06/01/2021

The ATO will consider applying penalties for wrongful superannuation withdrawal only in serious cases where an applicant has deliberately applied, knowing they were not eligible.