BNM Provides Details on New Financing Facilities for SMEs

03/12/2020

The budget initiatives included a targeted facility for SME working capital, credit for micro enterprises, and support for high-tech SMEs.

Capital / Liquidity

Westpac Commits to Addressing Risk Governance Weaknesses

03/12/2020

The court enforceable undertaking requires Westpac to develop an integrated plan to address all major risk governance issues, covering both financial and non-financial risks.

Enforcement

MAS Bans Two Former Insurance Agents for Dishonest Conduct

02/12/2020

Former representatives of Aviva Financial Advisers and Great Eastern Life were banned for misconduct in the selling of integrated shield policies.

Market Infrastructure

Singapore Launches Initiative to Groom Future Private Bankers

02/12/2020

Private banks aim to offer 200 undergraduate traineeship positions over the next three years, benefitting from the Work-Study Support Programme recently launched by MAS.

ESG / Sustainability

HKEX Launches Sustainable and Green Exchange, ‘STAGE’

02/12/2020

STAGE will provide greater access and transparency on sustainable-themed products, as part of measures to support Hong Kong’s goal to become the green finance hub.

AML / KYC

US to Designate Four Companies as Linked to Chinese Military

02/12/2020

The companies that will reportedly be added to the list of companies linked to the Chinese military include chipmaker SMIC and oil giant CNOOC.

Capital / Liquidity

HKMA Consults on Revised SPM on Group-wide Bank Supervision

02/12/2020

The revised SPM accounts for holding companies established overseas and intermediate holding companies, including those that are unregulated or engaged in non-financial activities.

AML / KYC

SFC Directs Senior Managers to Correct AML/CFT Deficiencies

02/12/2020

The SFC found deficiencies in areas including oversight, internal controls, risk assessments, third party deposits, SoW/SoF checks, and sanctions screening, among others.

Enforcement

Former Convoy Executives Found Not Guilty in ‘Enigma Network’ Case

02/12/2020

The judge ruled that the evidence provided by prosecutors was not sufficient to prove there was any attempt to deceive the stock exchange or Convoy directors or investors.