AML / KYC

MAS Payment Services Bill Finalised, Tabled in Parliament

19/11/2018

The Bill aims to provide a more conducive environment for innovation in payment services, while ensuring that risks across the payments value chain are mitigated.

Market Infrastructure

New Zealand Banks Must Address Risks from Sales-Linked Incentives – FMA

19/11/2018

The FMA expects banks to change sales-linked incentives, or explain how they will strengthen controls to address the risk of inappropriate sales.

AML / KYC

Taiwan’s Progress Impresses APG, Despite Some Shortcomings

19/11/2018

The APG was reportedly impressed by Taiwan’s performance during its third round of mutual evaluations, which concluded last week.

Market Infrastructure

FSB Issues Progress Report on Interest Rate Benchmark Reform

15/11/2018

The FSB notes progress to strengthen major IBORs and identify RFRs and other alternative reference rates, highlighting actions taken in Australia, Hong Kong and Singapore.

Market Infrastructure

SGX to Launch New T+2 Securities Settlement System from 10 December

14/11/2018

Among several other enhancements, moving from a T+3 to a T+2 settlement cycle will harmonise Singapore with stock markets in Australia, the EU, Hong Kong and the US.

Fintech / Regtech

MAS Issues Guidance on Responsible Use of AI, Data Analytics

13/11/2018

MAS managing director Ravi Menon announced the release of the Fairness, Ethics, Accountability & Transparency, or FEAT, Principles at the Singapore Fintech Festival.

Enforcement

Australian Court Orders A$3.3mn Penalty for Westpac BBSW Misconduct

11/11/2018

The penalty is far less than the combined A$125mn that NAB, ANZ and CBA paid to settle their own BBSW cases with ASIC out of court.

Market Infrastructure

ESMA Proposes Relief from EMIR Clearing Obligation in No-Deal Brexit

09/11/2018

In a no-deal Brexit, ESMA’s proposal would give EU firms 12 months to replace UK counterparties in legacy derivative contracts without triggering the EMIR clearing obligation.

Capital / Liquidity

APRA Proposes Higher Capital Requirements for Big Four Banks

08/11/2018

The banking regulator is seeking feedback on a proposal to increase the Total Capital requirement for Australia’s D-SIBs by 4-5% of risk-weighted assets by 2023.