Operational Risk

NZ’s FMA Issues Proposal to Enhance Industry Operational, Cyber Resilience

12/07/2023

If a licensee experiences a significant disruption, they must promptly notify the FMA no later than 72 hours after the incident.

Credit Risk

HKMA Announces Orderly Exit from Loan Holiday Scheme

12/07/2023

The Pre-approved Principal Payment Holiday Scheme has “fulfilled its purpose and an orderly exit should commence”.

Data Privacy

ACCC Launches Inquiry into Data Broker Services

12/07/2023

The inquiry will concentrate on third-party data brokers that gather information from external sources and share or sell it to other organisations.

Anti-Money Laundering

Australia: Crown Casinos Ordered to Pay Record Breaking Penalty

12/07/2023

Crown will pay A$125mn now, A$125mn within a year, and the remaining A$200mn within two years for AML/CTF breaches.

Sustainable Finance

China Issues Rules to Enable Voluntary Emissions Trading

11/07/2023

The proposed rules are expected to pave the way for the relaunch of a national voluntary carbon market.

PEPs & Sanctions

India Increasingly Using CNY to Buy Russian Oil

11/07/2023

The relative ease with which Russia can accept yuan payments has led to adoption of the Chinese currency for some 10% of payments.

Credit Risk

China Extends Policy Measures to Support Real Estate Market

11/07/2023

The extension will helpensure financial services are available to support the delivery of completed properties to homebuyers.

Structural Regulation

PCAOB Commences New Round of Audit Inspections in Hong Kong

11/07/2023

The PCAOB is reviewing audit reports of about a dozen New York-listed Chinese companies – all clients of PwC, EY and Deloitte.

PEPs & Sanctions

US Treasury Asks Hong Kong FIs to Help Prevent Export Control Evasion

11/07/2023

Treasury officials reportedly asked banks to help identify certain high-tech items being shipped to Russia via Hong Kong.