Enforcement

MAS Bans Former AXA and Aviva Financial Advisers

20/10/2023

The former advisers were banned for allowing unlicensed individuals to perform financial advisory services on their behalf.

Enforcement

MAS Instructs DBS, Citi to Investigate Delayed Recovery from Outage

19/10/2023

The banks took longer than the required four hours to recover from last Saturday’s outage. MAS said it will take appropriate supervisory actions after gathering the necessary facts.

AML / KYC

FinCEN to Require FIs to Report Transactions Involving Crypto Mixers

19/10/2023

FIs would have to report information about transactions they know or suspect could involve crypto mixing, whether in the US or in another jurisdiction.

AML / KYC

Singapore Prosecutors Establish Technology and Crypto Crime Task Forces

19/10/2023

Singapore’s Attorney General’s Chambers has established a Technology Crime Task Force and Virtual Currency Task Force.

Fintech / Regtech

MAS to Cooperate with Saudi Central Bank on Fintech

19/10/2023

MAS and SAMA will enable cooperation between their innovation departments and share information regarding fintech.

Securities / Derivatives

SSE to Transition All Bond Bookbuilding to Centralised System

18/10/2023

The Shanghai exchange said bond issuers can use the centralised system voluntarily until 31 December, then it will become mandatory.

Sanctions

OFAC Sanctions Hamas Operatives, Financial Facilitators

18/10/2023

OFAC is targeting Hamas members managing a “secret” investment portfolio, a Qatar-based financial facilitator, and a Gaza-based crypto exchange.

AML / KYC

MAS to Commence Bank AML Inspections Within Weeks – Report

18/10/2023

The inspections will target banks whose clients were among those charged in Singapore’s S$2.8bn money laundering case.

Sanctions

US Tightens Export Controls on Advanced Computing Chips

18/10/2023

The Commerce Department said changes are needed to maintain the effectiveness of the export controls imposed in October 2022 and close loopholes.