Cybersecurity

Singapore Financial Sector Sees Increased Cyber Attack Frequency

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

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.

Structural Regulation

BOJ, FSA Again Urge FIs to Step Up Preparation for LIBOR Transition

23/07/2020

Financial institutions are urged to continue to take the necessary steps to ensure a smooth transition from LIBOR, even as they allocate resources to support Japanese businesses and households.

Capital Adequacy

APRA Signals Intent to Ease Bank Dividend Restrictions

23/07/2020

APRA will modify its capital management guidance next week to account for a ‘longer-term outlook’, chairman Wayne Byres said.

Credit Risk

CBIRC Issues Final Rules for Banks Engaged in Online Lending

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.

Capital Adequacy

Korean Regulators Approves K Bank Recapitalisation Plan

23/07/2020

K Bank’s recapitalisation plan was halted last April, forcing Korea’s first internet-only bank to stop offering loan products. It is now looking to regain ground lost to Kakao Bank.

PEPs & Sanctions

Singapore Court Fines Secretary Over North Korea Shipments

22/07/2020

The secretary pleaded guilty to three charges under the United Nations Act involving the shipment of luxury items to North Korea for her employer.

Anti-Money Laundering

MAS Penalises Asiaciti Trust for AML/CFT Failures

22/07/2020

Asiaciti Trust failed to put in place adequate procedures to establish source of wealth, and did not inquire into unusually large transactions by customers who were PEPs.

Payments & Settlements

BNM Issues Draft Rules on Merchant Acquiring Services

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.