AML / KYC

Wolfsberg Group Issues Guidance on SoW, SoF Checks

09/08/2020

The guidance outlines instances where Source of Wealth and Source of Funds information may need to be independently corroborated, and what to do if relevant standards are not met.

Enforcement

HK Bourse Seeks Broader Powers to Punish Misconduct

09/08/2020

Hong Kong’s stock exchange proposes to enhance its disciplinary regime to enhance its ability to hold accountable and sanction senior managers and directors responsible for misconduct.

Fintech / Regtech

FSC Designates Korea’s First ‘Data Specialising Institutions’

09/08/2020

Korea Credit Information Services and the Financial Security Institute will be allowed to perform convergence of pseudonymised data originating from different financial businesses.

Enforcement

US Regulators Unveil Plan to Deal With Chinese Listings

08/08/2020

A presidential working group which includes the chairmen of the SEC, CFTC and Fed has recommended changes to US listing rules to require access to companies’ audit papers.

Capital / Liquidity

MAS Calls on Finance Companies to Moderate Dividends

08/08/2020

The dividend restriction is a pre-emptive measure to bolster the finance companies’ ability to continue to support the credit needs of businesses and consumers.

AML / KYC

Singapore Authorities Issue First Charges in Wirecard Probe

08/08/2020

A director of Citadelle Corporate Services is said to have “wilfully and with intent to defraud” stated false balances held in escrow on behalf of Wirecard in 2016 and 2017.

AML / KYC

HKMA, IA Issue Guidance on Video Distribution of Insurance Products

07/08/2020

Insurers and intermediaries such as banks have to apply to enter the InsurTech Sandbox to test the use of video conferencing to distribute long term insurance policies.

Enforcement

CEO Faces 112 Charges of Market Rigging in Singapore

06/08/2020

CEO and chairman of SGX-listed KS Energy is alleged to have engaged in conduct to push up his company’s stock and create a misleading appearance of its price.

Capital / Liquidity

RBI Adopts New Measures to Ease Covid-19 Financial Stress

06/08/2020

A new resolution framework will allow banks to continue to maintain the ‘standard’ classification for corporate borrowers in resolution rather than downgrade the account, among other measures.