Operational Risk

Westpac Commits to Addressing Risk Governance Weaknesses

03/12/2020

The court enforceable undertaking requires Westpac to develop an integrated plan to address all major risk governance issues, covering both financial and non-financial risks.

Fraud, Scams & Cybercrime

MAS Bans Two Former Insurance Agents for Dishonest Conduct

02/12/2020

Former representatives of Aviva Financial Advisers and Great Eastern Life were banned for misconduct in the selling of integrated shield policies.

Conduct, Culture & Accountability

Singapore Launches Initiative to Groom Future Private Bankers

02/12/2020

Private banks aim to offer 200 undergraduate traineeship positions over the next three years, benefitting from the Work-Study Support Programme recently launched by MAS.

Sustainable Finance

HKEX Launches Sustainable and Green Exchange, ‘STAGE’

02/12/2020

STAGE will provide greater access and transparency on sustainable-themed products, as part of measures to support Hong Kong’s goal to become the green finance hub.

PEPs & Sanctions

US to Designate Four Companies as Linked to Chinese Military

02/12/2020

The companies that will reportedly be added to the list of companies linked to the Chinese military include chipmaker SMIC and oil giant CNOOC.

Supervision & Enforcement

HKMA Consults on Revised SPM on Group-wide Bank Supervision

02/12/2020

The revised SPM accounts for holding companies established overseas and intermediate holding companies, including those that are unregulated or engaged in non-financial activities.

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.