Operational Risk

ASIC, APRA Offer Best Practice Recommendations on LIBOR Transition

08/04/2020

ASIC, APRA and the RBA warn that a failure to transition to alternative reference rates could lead to significant reputational, operational and legal risk and disrupt financial markets.

Fraud, Scams & Cybercrime

RBI to Establish New Banking Fraud Oversight Division

08/04/2020

The initiative has reportedly been sped up in response to recent frauds at Yes Bank and Punjab National Bank.

KYC & CDD

HKMA Encourages Remote Onboarding to Manage Covid-19 Challenges

07/04/2020

AIs and SVF licensees are encouraged to continue the provide the public convenient account opening and access to banking and payment services.

PEPs & Sanctions

OFSI Fines Standard Chartered $25m for Sanctions Breaches

07/04/2020

Standard Chartered made a series of loans to a Turkish private bank, which at the time was almost wholly owned by Sberbank, a sanctioned Russian bank.

Cryptocurrency

FSA Japan to Enforce New Crypto Laws from May

07/04/2020

Changes to two pieces of legislation will ensure better investor protection, and bring custodians, ICOs, STOs and crypto derivatives under the FSA’s remit.

Capital Adequacy

MAS Relaxes Capital Rules, Defers Policy Implementation

07/04/2020

MAS has adjusted banks’ capital and liquidity requirements to help sustain their lending activities, while also deferring a host of regulatory initiatives until further notice.

Capital Adequacy

APRA Asks ADIs, Insurers to Suspend Dividends, Cash Bonuses

07/04/2020

Where Boards are confident they can approve a dividend on the basis of robust stress testing results that have been discussed with APRA, it should be at a “materially reduced level”.

Conduct, Culture & Accountability

SFC Fines HSBC Units for Cash Management Failures at Funds

07/04/2020

The identified concerns have all since been rectified, and the two units have agreed to pay over $430,000 into the affected funds, on top of a $451,000 fine from the SFC.

Market Abuse

US Court Reverses 2017 Dismissal of Rate Rigging Suit Against Banks

07/04/2020

The decision effectively revives a suit by a group of investment funds against major banks over their alleged manipulation of yen LIBOR and euroyen TIBOR between 2006 and 2011.