AML / KYC

MAS Penalises Asiaciti Trust for AML/CFT Failures

22/07/2020

Asiaciti Trust failed to put in place adequate procedures to establish source of wealth, and did not inquire into unusually large transactions by customers who were PEPs.

AML / KYC

BNM Issues Draft Rules on Merchant Acquiring Services

22/07/2020

The exposure draft sets out regulatory requirements for merchant acquiring services to ensure proper risk management amid rapid changes in the e-payments landscape.

Market Infrastructure

Refinitiv Launches Term SONIA Reference Rate Prototype

22/07/2020

Refinitiv’s announcement follows the launch of a beta version of term SONIA reference rates by ICE Benchmark Administration earlier this month.

AML / KYC

Malaysia Resumes Talks with Goldman on 1MDB Settlement

22/07/2020

A six-member team from Goldman Sachs has entered Malaysia to resume negotiations on a 1MDB settlement. A deal is believed to be within reach.

Fintech / Regtech

FSC Korea Targets Fair Competition, Data Safeguards for Financial Sector

22/07/2020

FSC chairman Eun Sung-soo is eyeing regulatory reforms to ensure fair competition, data security, and consumer protection as bigtechs enter financial services.

AML / KYC

Hong Kong Wealth Managers Scrutinise Clients for Political Links

22/07/2020

Wealth managers are said to be screening comments made by clients and their associates in public, in the media, and in social media posts as far back as 2014 to determine their political stance.

Capital / Liquidity

India to Privatise Majority of State-owned Banks – Report

22/07/2020

The government is looking to sell majority stakes in state-owned banks, but the plan may not be feasible this financial year due to poor market conditions and rising bad loans.

Securities / Derivatives

Singapore: ACRA Proposes Amendments to Companies Act

22/07/2020

An ACRA working group recommends reforms to facilitate digitalisation, review financial reporting requirements, and safeguard shareholders’ interests, among other proposals.

Securities / Derivatives

SEBI to Phase In Stricter Stock Trading Margin Norms From December

22/07/2020

The new rules are expected to severely impact intra-day stock trading, which accounts for about 90% of the market volumes in India.