Enforcement

Singapore Court Jails Businessman in Wirecard Case

28/06/2023

This is the third jail sentence relating to the Wirecard case handed out by the Singapore court within the past week.

Capital / Liquidity

MAS Proposes Increasing Deposit Insurance Coverage

28/06/2023

MAS says the proposed increase in deposit insurance coverage will allow the proportion of insured depositors to keep up with deposit growth.

Crypto / Digital Assets

MAS Sets Out Framework for Digital Asset Networks

27/06/2023

MAS will also expand Project Guardian to test the potential of asset tokenisation across more financial asset classes.

Fintech / Regtech

MAS Releases Guidelines for Responsible AI-use in FIs

27/06/2023

Singapore’s financial regulator also released an open-source toolkit for FIs to carry out assessment methodologies for FEAT (fairness, ethics, accountability and transparency) principles.

Enforcement

ASIC Rejects Senate’s Accusations of Undermining Inquiries

26/06/2023

ASIC chair Joe Longo delivers a defence against accusations that the regulator obstructed a Senate inquiry into its capacity and ability.

New Zealand to Probe Excessive Profits in Retail Banking

23/06/2023

New Zealand’s Commerce Commission will conduct its first-ever study to assess competition in personal banking services.

Enforcement

MAS Fines Three Banks and an Insurer for AML Breaches

22/06/2023

The institutions had “inadequate AML/CFT controls in place” when they dealt with persons who were involved in Wirecard-related transactions.

Crypto / Digital Assets

MAS Proposes Common Digital Money Standards

21/06/2023

MAS has published a whitepaper specifying conditions for the use of digital money.

Enforcement

Singapore Sentences Two Former Wirecard Employees to Jail

21/06/2023

These are the first convictions in the Wirecard scandal that brought down the German payment processor.