Asia Pacific Financial ServicesRegulatory UpdateQ3 2023October 2023© 2023. For information, Contact Deloitte Touche Tohmatsu Limited.01Australia5 - 1102Chinese Mainland12 - 1503India22 - 2405Introduction and Summary3 - 4Indonesia24 - 28 06Hong Kong SAR16 - 2104Japan29 - 32 07New Zealand3509Philippines36 - 3709Singapore38 - 4110Malaysia33 - 3408Table of ContentsTaiwan42 11Thailand4312Vietnam44 - 4513© 2023. For information, Contact Deloitte Touche Tohmatsu Limited.3IntroductionAustraliaMainland ChinaHong Kong SARIndonesiaJapanMalaysiaSingaporeThailandNew ZealandSummaryIndiaPhilippinesTaiwan (China)VietnamContactsAsia Pacific Financial Services Regulatory Update Q3 2023Chinese MainlandIntroductionDear clients and colleagues,The Deloitte Asia Pacific Centre for Regulatory Strategy is pleased to share with you the key regulatory updates from our region for Q3 2023. Regulatory developments strengthening AML/CFT controls and practices to detect and mitigate risks were at the forefront. Controls have been tightened across Asia Pacific including Philippines, Singapore and Vietnam. In Singapore, the Monetary Authority of Singapore (MAS) collaborated with the Commercial Affairs Department to investigate a criminal and money laundering syndicate that led to the seizure/freezing of SGD$2.8 billion worth of assets. Regulators have also issued additional guidance on risk assessment and reporting, proliferation financing, misuse of legal persons and arrangements, and digital assets. Digital Finance and Technology is another topic that is top of mind for regulators. Australia released a report with findings from a joint research project which explored the potential for a central bank digital currency (CBDC). Whilst CBDCs can facilitate ‘smarter payments’, legal and operational issues would need to be addressed. In Hong Kong, the Hong Kong Monetary Authority (HKMA) unveiled a ‘FinTech Promotion RoadMap’, with the goal of promoting collaboration and building a sustainable fintech ecosystem. Policy initiatives are continuously being rolled out across markets to foster a conducive environment for digital transformation. These policy initiatives have emphasised promoting fintech adoption, nurturing the fintech ecosystem, enhancing data infrastructure, and cultivating talent with fintech expertise. To harness the potential of digital advancements, Financial Institutions need to continuously invest in key areas, such as enhancing user experience and trust, securely adopting advanced technologies, and cultivating talent in relevant domains.Cybersecurity measures need to maintain agility in the ever-evolving geo-political climate and the increased use of distributed ledger technology. The recent cybersecurity stock take completed in Australia exposed several control gaps: (i) incomplete identification and classification of critical and sensitive information assets; (ii) limited assessment of third-party information securit...
