AML / KYC

ACRA Working on Bill to Cap Nominee Directorships – Report

06/09/2023

Amendment bill may also increase financial penalties for corporate service providers that breach their AML obligations.

AML / KYC

FSS Inspections Find AML Deficiencies at Korean e-Payments Firms

06/09/2023

The FSS said management awareness of AML work within electronic financial businesses is low; internal controls and risk assessments are deficient.

Singapore Launches New Framework for Intangible Asset Disclosures

06/09/2023

The framework provides a systematic and consistent way for companies to disclose and communicate intangible assets to lenders, board members and investors.

Fintech / Regtech

Trade Bodies Call on Industries to Adopt eBL Declaration

06/09/2023

The declaration signals a commitment to collaborate on digitalisation and adopt eBLs, which will enable faster transactions, cost savings, and lowered fraud risks.

Fintech / Regtech

Australia Consults on Feasibility of ‘Screen Scraping’ Ban

06/09/2023

New discussion paper seeks views on a recommendation to ban screen scraping in situations where the CDR is a viable alternative.

Fintech / Regtech

SEBI Plans to Move to One-Hour Stock Settlement Cycle

06/09/2023

India just completed a move from T+2 to T+1 settlement in January. Reportedly, implementation of one-hour settlement is likely by March 2024.

Enforcement

MAS Imposes Lifetime Ban on Former Goldman Exec Roger Ng

05/09/2023

Roger Ng is banned from regulated activities in Singapore for life, due to his role in the theft of billions of dollars from 1MDB.

AML / KYC

India Ministry Gazettes Enhancements to AML/CFT Rules

05/09/2023

The amendments lower the shareholding threshold for company partners to be considered beneficial owners, from 15 percent to 10 percent

China NDRC Establishes Private Economy Development Bureau

05/09/2023

The NDRC is also encouraging big banks to consider financing private projects and pushing for the establishment of private sector infrastructure REITs.