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.

AML / KYC

FATF Consults on AML/CTF Frictions in Cross-border Payments

01/12/2020

The FATF seeks feedback to help identify how divergent AML/CFT measures adopted at the national level add to the challenges of cross-border payments.

Capital / Liquidity

APRA Penalises Westpac For Breaches of Liquidity Standards

01/12/2020

Westpac will have to apply a 10 percent add-on to the net cash outflow component of its LCR calculation until its shortcomings have been rectified.