Resolution & Recovery

IAIS Consults on New Guidance for Policyholder Protection Schemes

13/02/2023

The paper describes current practices and is intended to serve as a guide for jurisdictions considering establishing a PPS or modifying an existing PPS.

Conduct, Culture & Accountability

Trust in Singapore Banks Increases for Second Year Running

13/02/2023

The ABS Culture and Conduct Steering Group will seek to further build trust by strengthening digital banking security and highlighting banking practices that may compromise consumers.

Capital Adequacy

US Bank Stress Tests to Feature New ‘Exploratory Market Shock’

13/02/2023

The ‘exploratory market shock’ will be an additional component of the 2023 stress test, applied to the trading books of the eight largest US banks.

Payments & Settlements

HSBC Launches Multicurrency Payment Platform for E-Commerce

13/02/2023

The platform allows e-commerce businesses in Hong Kong to receive payments from overseas customers in six currencies within minutes.

PEPs & Sanctions

US Blacklists Six Chinese Entities Over Alleged Spy Balloons

13/02/2023

The economic restrictions will make it more difficult for the five companies and one research institute to obtain US technology exports.

Credit Risk

China Tightens Risk Classification Rules for Banks’ Financial Assets

13/02/2023

Banks must classify “all financial assets that bear credit risk” according to the degree of risk, including bond investments, interbank assets, receivables, and off-balance-sheet assets.

Stablecoins

UPDATED: NYDFS, SEC Scrutinise Paxos Over BUSD Stablecoin

13/02/2023

Paxos is the issuer of a Binance-branded stablecoin that ranks as the third-largest, as well as its own stablecoin called Pax Dollar, the sixth largest.

KYC & CDD

Wolfsberg Group Updates CBDDQ, FCCQ, and Related Documents

13/02/2023

The CBDDQ updates include a new section on fraud and additional questions related to whistleblower policy, virtual bank licence, the approval of sanctions policy, and other changes.

PEPs & Sanctions

South Korea Issues First Independent DPRK Sanctions

12/02/2023

The sanctions came hours after South Korea and the US released a joint cybersecurity advisory detailing the threat posed by North Korean ransomware actors.