Fraud, Scams & Cybercrime

Singapore Police Lay Fraud Charges Against Zenrock Founder

18/07/2022

The founder and his former operations executive were charged for cheating Bank of China, HSBC and Credit Agricole CIB.

Fraud, Scams & Cybercrime

SFC Bans Former StanChart Representative for Three Years

18/07/2022

The representative’s mother transferred funds into five customers’ payroll accounts to improve his work performance.

Cybersecurity

Chinese Police Summon Alibaba Staff to Probe Data Breach

18/07/2022

Personal information on 1 billion Chinese citizens was reportedly stolen from a Shanghai police database located on an Alibaba server.

Structural Regulation

HKEX, SFC Extend HKIDR Testing Period Until 5 August

18/07/2022

Firms that have not completed the mandatory E2E Test yet are reminded to complete the test “as soon as possible”.

Resolution & Recovery

Hong Kong’s Target Insurance Deemed Insolvent, Winding-up Initiated

18/07/2022

Target is Hong Kong’s largest motor insurer, providing coverage for mini buses and more than 60 percent of the 18,000-plus taxis in the city.

Credit Risk

Pakistan Sets January 2023 Deadline for IFRS 9 Adoption

18/07/2022

IFRS 9 will prompt a one-off increase in banks’ loan-loss provisioning, diminishing shareholder capital. Banks will also be pressured by increased taxes.

PEPs & Sanctions

Sanctions Over-Compliance Causes Human Rights Violations: UN Expert

18/07/2022

UN Special Rapporteur Alena Douhan says governments and FIs should be doing more to ensure over-compliance with sanctions does not negatively impact human rights.

Credit Risk

CBIRC Calls on Banks to Help Resolve Mortgage Boycotts

18/07/2022

Hundreds of thousands of homebuyers stopped making payments on mortgages involving more than 200 property projects last week.

Cryptocurrency

UK Commences Inquiry Into Crypto Asset Risks and Opportunities

17/07/2022

A UK parliamentary committee is collecting evidence on the opportunities and risks that crypto-assets may bring to consumers, businesses and the government.