AI Risk & Governance

MAS Pledges SG$250m to Boost Financial Sector Innovation

13/08/2020

Maximum funding under the POC Grant and AIDA Grant will be increased. Support for large-scale innovation projects and staff training will also increase.

Anti-Bribery & Corruption

China: Ex-Huarong Chairman Pleads Guilty to Taking Bribes

13/08/2020

Lai Xiaomin took almost 1.8bn yuan in bribes over ten years and colluded with others to embezzle over 25mn yuan in public funds. His sentence will be announced at a later date.

Credit Risk

APRA, ASIC Update Guidance on Treatment of Deferred Loans

13/08/2020

Deferred loans need not be treated as past due or impaired for capital or reporting purposes until after 31 March. New reporting requirements will apply.

Conduct, Culture & Accountability

MAS Official Warns of Financial Sector Job Losses in H2

13/08/2020

Supporting the local workforce in the financial sector during the crisis is a priority for MAS, according to deputy managing director Jacqueline Loh.

Emerging Prudential Risks

RBNZ Announces Expansion of Large-Scale Asset Purchases

12/08/2020

The RBNZ has expanded its quantitative easing programme to NZ$100bn and signalled a willingness to enter negative OCR territory, in response to Covid-19 related uncertainty.

Anti-Bribery & Corruption

Taiwan FSC Initiates Probe into Taipei Fubon Bank President

12/08/2020

Taipei Fubon Commercial Bank’s president is alleged to have asked subordinates to approve a $30mn loan to a loss-making China-based health supplement company for his own benefit.

Anti-Money Laundering

Australia Police Arrest Three on Money Laundering Charges

12/08/2020

Two of the men are accused of laundering tens of millions of dollars for an international money laundering organisation which includes several high-value targets of Australian law enforcement.

Conduct, Culture & Accountability

SFC Bans Account Exec for 18 Months Over Discretionary Trading

12/08/2020

The former China Tonghai Securities account executive effected over 6,000 trades in a client’s account on a discretionary basis for almost 7 years without authorisation.

Cloud & Infrastructure

EBA Launches Industry Survey on RegTech Adoption

12/08/2020

The EBA is looking to identify the main barriers and risks of using RegTech and potential ways to support its uptake across the EU.