AML / KYC

Mitigating Illicit Convergence in Transnational Financial Crime

27/04/2021

Rani Hong, Sasha Lezhnev, Ben Spevack and Che Sidanius discuss efforts under way to prevent the illicit exploitation of legal infrastructures for crime.

Fintech / Regtech

DBS Goes Live on Trade Finance Network Contour

27/04/2021

Digital LC capabilities will be offered in Australia, China, Hong Kong and Singapore via Contour from this month.

Capital / Liquidity

BSP Asks D-SIBs to Submit Recovery Plans Separate from ICAAP

27/04/2021

Separate submission will allow the BSP to better assess recovery plans on an institutional level and across D-SIBs, particularly during times of crisis.

Fintech / Regtech

Taiwan FSC Directs LINE Bank to Conduct Stress Tests

26/04/2021

LINE Bank services crashed on Thursday due to “system overload” just as it launched new digital banking services.

ESG / Sustainability

Environmental Disclosure a Focal Point for Singapore FIs: Study

26/04/2021

Financial institutions in Singapore place significant importance on ESG performance, with a heavy focus on climate considerations.

Enforcement

RBI Restricts Amex, Diners Club for Data Storage Violations

26/04/2021

American Express and Diners Club were found to be non-compliant with the RBI’s 2018 directions requiring payment system data to be stored onshore.

Enforcement

Korea FSS Imposes Light Punishments on Shinhan Execs

26/04/2021

Shinhan Bank’s CEO and Shinhan Financial Group’s Chairman received lighter punishments than expected over the Lime mis-selling scandal.

Enforcement

SG Police Lay More Charges in Nickel Trading Fraud Case

26/04/2021

Ng Yu Zhi allegedly cheated five individuals into paying around S$8.8mn for nonexistent forward contracts purported to be for the sale of nickel to a metals trader.

Crypto / Digital Assets

US House Passes Bill to Foster Innovation in Digital Assets

25/04/2021

The bill will require the SEC and CFTC to establish a digital asset working group to ensure collaboration between regulators and the private sector on digital assets.