Enforcement

Singapore Jails Five Former Remisiers for False Trading

06/09/2022

The five were former remisiers for Phillip Securities, OCBC Securities, DBS Vickers Securities, and Maybank Kim Eng Securities.

AML / KYC

China: Liaoning Officials Probed Following Two Bank Failures

06/09/2022

Among them, two CBIRC officials are accused of failing in their supervisory duties and for accepting bribes in exchange for favours.

Enforcement

Singapore: StanChart RM Charged for Unauthorised Access to Customer Data

06/09/2022

The relationship manager used the computers of other bank staff to access the personal information and transactional history of another StanChart employee.

Australia: Financial Adviser Associations Consider Merging

06/09/2022

The merger would create a single association that would speak for the financial advice profession in a “unified voice” and add clarity and power to the positions it takes.

AML / KYC

US Fed Ends HSBC 2012 Deferred Prosecution Agreement

06/09/2022

HSBC welcomed the decision, saying its employees have worked hard over the last decade to transform the bank’s financial crime risk management capabilities.

Crypto / Digital Assets

Digital Dollar Project Launching Sandbox to Explore CBDC

06/09/2022

The programme is slated to begin in early October with a focus on cross-border payments. The initial participants will be Digital Asset, EMTECH, Knox Networks, and Ripple.

Capital / Liquidity

Phase 6 of Initial Margin Rules Take Effect

06/09/2022

The final phase of UMR implementation brought into scope approximately 800 firms, including many more buy-side firms than in previous phases.

Capital / Liquidity

Philippines to Assess Financial Conglomerate Risks in October

06/09/2022

The first supervisory college focusing on financial conglomerates concluded in June. The second supervisory college will commence in October.

Securities / Derivatives

SFC Suspends Rifa Futures Exec Over ‘Xinguanjia’ Trading Software

06/09/2022

In July, Rifa Futures became the fourth firm to be fined over the use of Xinguanjia. The firm’s managing director has now been suspended for 8 months.