Anti-Money Laundering

SFC Directs Senior Managers to Correct AML/CFT Deficiencies

02/12/2020

The SFC found deficiencies in areas including oversight, internal controls, risk assessments, third party deposits, SoW/SoF checks, and sanctions screening, among others.

Market Abuse

Former Convoy Executives Found Not Guilty in ‘Enigma Network’ Case

02/12/2020

The judge ruled that the evidence provided by prosecutors was not sufficient to prove there was any attempt to deceive the stock exchange or Convoy directors or investors.

Anti-Money Laundering

FATF Consults on AML/CTF Frictions in Cross-border Payments

01/12/2020

The FATF seeks feedback to help identify how divergent AML/CFT measures adopted at the national level add to the challenges of cross-border payments.

Liquidity Risk

APRA Penalises Westpac For Breaches of Liquidity Standards

01/12/2020

Westpac will have to apply a 10 percent add-on to the net cash outflow component of its LCR calculation until its shortcomings have been rectified.

Credit Risk

Singapore Banks Get New Best Practice Code for Commodity Financing

01/12/2020

The Code was developed by an industry working group of 28 commodity financing banks in consultation with trading firms and with the support of regulators.

Payments & Settlements

APRA Grants TransferWise Licence to Directly Access NPP

30/11/2020

Access to Australia’s real-time payments system will enable TransferWise to reduce foreign exchange fees and wholesale banking costs.

Trading & Investment

China to Grant Domestic Investors Greater Access to Foreign Markets

30/11/2020

The QDLP and QDIE programmes – piloted in Shanghai, Beijing and Shenzhen – will be expanded “in the near future”, according to China’s foreign exchange regulator

Trading & Investment

China: Banks Suspend Opening of Precious Metals Trading Accounts

30/11/2020

Seven banks have temporarily stopped opening new accounts for precious metals trading amid concerns that heightened volatility could lead to losses and complaints.

Structural Regulation

Lack of Electronic Solutions Hindering Capital Market Access: ASIFMA

30/11/2020

The report calls on government and regulators to facilitate greater use of e-signatures, virtual meetings, and other electronic solutions in Hong Kong and Singapore capital markets.