Fintech / Regtech

Singapore, Indonesia Agree to Cooperate on Fintech

15/10/2018

The MOU will facilitate information sharing, promote joint innovation projects and establish a framework to help fintech firms better understand each market.

Enforcement

S. Korea to Toughen Penalties for Naked Short Selling

15/10/2018

New legislative revisions could subject illegal short sellers to up to 10 years imprisonment and fines amounting to 1.5 times profits on short selling.

Market Infrastructure

MAS Shelves ‘KYC Utility’ Project as Costs Surpass Expectations

15/10/2018

The setup cost of the KYC utility exceeds the savings banks would be able to achieve, MAS managing director Ravi Menon told Bloomberg.

AML / KYC

SFC AML/CFT Guideline Revisions to Take Effect in November

15/10/2018

A July consultation proposed amendments to improve the Guideline’s usefulness and relevance and ensure its alignment with international AML/CFT standards.

Securities / Derivatives

China Releases Guidelines on Shanghai-London Stock Connect

15/10/2018

The guidelines set a minimum cap for London-listed firms seeking to issue depository receipts in China, among other requirements.

AML / KYC

China Issues AML/CTF Rules for Online Financial Institutions

12/10/2018

Online FIs required to verify client identities, monitor terrorist organisations and activities, properly store client information and transaction records, and report large-value and suspicious transactions.

AML / KYC

Taiwan FSC to Probe Recent Fee Hikes at Banks

12/10/2018

Seven state-banks have raised fees for foreign remittances, saying the extra charges are needed to offset costs associated with upgrades to money laundering controls.

Securities / Derivatives

India Permits Commodity Derivatives Trading by Foreign Investors

10/10/2018

Trading limits will be based on foreign investors’ actual exposure to India’s commodity markets, which needs to be verified and monitored by brokers and exchanges.

Fintech / Regtech

MAS Issues Guidelines on Provision of Robo-Advisory Services

09/10/2018

Guidelines allow digital advisers to pass client orders to brokerage firms for execution without the need for an additional capital markets services licence.