Fintech / Regtech

MAS Eyes Greater Financial Sector Resilience to Cyber Threats

21/05/2018

Consultation to be issued “soon” on raising cyber resilience at financial institutions in Singapore; rules to include internal controls, independent reviews, authentication practices.

Enforcement

SFC Fines Citigroup $7.3mn For IPO Sponsor Failures

21/05/2018

The regulator fined Citigroup for due diligence and staff supervision failures relating to IPO work in 2009; no constraints placed on its business activities.

Market Infrastructure

S. Korea Banks Respond to Hiring Scandals with New Recruitment Standards

18/05/2018

Korea Federation of Banks has submitted a draft proposal to the FSC which includes written exams for candidates, document screening by external agencies and blind interview processes.

Securities / Derivatives

ASIFMA: China’s Reforms Target Increased Foreign Participation

17/05/2018

Beijing-based panellist emphasised the rule of law, clear and transparent regulation and increased competition from foreign intermediaries as key to China’s opening up.

Enforcement

CSRC Hands Out $1.2bn in Penalties in Bumper Year

15/05/2018

Regulator handed out penalties amounting to $1.19bn in 2017, an 80% increase from 2016; market bans involved 44 persons, the highest in recent years.

Securities / Derivatives

JPMorgan Seeks Majority Stake in China Ventures

14/05/2018

The US bank’s Hong Kong unit has applied for 51% stake in a Chinese securities firm; also announced plans for majority stake in its fund management joint venture.

Securities / Derivatives

S.Korea FSS Expands Inspections at Brokerages

11/05/2018

The FSS will carry out on-site inspections at 32 brokerages and Koscom, following dividend error which saw Samsung Securities issue $100bn in ‘ghost stocks’ last month.

Capital / Liquidity

S.Korea to Tighten Supervision on Financial Conglomerates

11/05/2018

Tighter regulations will apply to financial affiliates of five major conglomerates Samsung, Hyundai Motor, Hanwha, Lotte and DB, as well as affiliates of Kyobo Life Insurance and Mirae Asset Daewoo.

AML / KYC

ACAMS 2018: Rising to the Financial Crime Challenge

09/05/2018

Recently in Hong Kong, ACAMS brought financial industry participants to discuss action to combat financial crime. Progress on regulation, advancements in technology and FIs’ willingness to do their part are making all the difference.