Anti-Money Laundering

Australia Police Arrest Three on Money Laundering Charges

12/08/2020

Two of the men are accused of laundering tens of millions of dollars for an international money laundering organisation which includes several high-value targets of Australian law enforcement.

Conduct, Culture & Accountability

SFC Bans Account Exec for 18 Months Over Discretionary Trading

12/08/2020

The former China Tonghai Securities account executive effected over 6,000 trades in a client’s account on a discretionary basis for almost 7 years without authorisation.

Cloud & Infrastructure

EBA Launches Industry Survey on RegTech Adoption

12/08/2020

The EBA is looking to identify the main barriers and risks of using RegTech and potential ways to support its uptake across the EU.

Fraud, Scams & Cybercrime

ICAC Charges Former Dah Sing Bank Manager with Fraud

12/08/2020

The former financial planning manager falsely represented to a client that taking out an insurance policy was a prerequisite for opening a corporate bank account.

Cloud & Infrastructure

StanChart to Move Core Systems to Cloud in 3 Years

12/08/2020

Core banking and trading systems, and new digital ventures such as virtual banking and banking as-a-service, will be cloud-based by 2025 subject to regulatory approvals.

PEPs & Sanctions

FinCEN to Lift 13 Year Old Sanctions on Macau’s Delta Asia Bank

12/08/2020

The sanctions were imposed under the USA Patriot Act in 2007 due to the bank’s suspected involvement with North Korean money laundering and other illegal financial activities.

Structural Regulation

Singapore, Israel to Enhance Supervisory Cooperation for Dual Listings

12/08/2020

SGX and the Tel-Aviv Stock Exchange entered a partnership in May 2018 pledging to engage technology companies to list on both exchanges, but so far no companies are dual listed on both.

Conduct, Culture & Accountability

SEBI to Only Accept Complaints through Online Platform

12/08/2020

SEBI’s web-based centralised grievance redressal system known as SCORES has been in operation for 9 years. A new mobile app was launched in March.

Capital Adequacy

Malaysia SC Increases Gearing Limit for M-REITs

12/08/2020

The increase is temporary to provide Malaysian REITs greater flexibility to manage cash flows and debt and capital structures more efficiently.