In a demo at Singapore FinTech Festival, multiple funds transfers were conducted between a UOB Singapore account and a UOB Thailand account in real time via the bank's mobile app.
Malaysian politician Anwar Ibrahim told Bloomberg it would be “inexecusable” if the bank was itself found complicit in money laundering and bribery related to the state development fund.
Measures include new regulatory framework for cryptocurrencies, and a new fund to be invested via ECF and P2P platforms alongside private investors, among others.
More actions needed to further strengthen the framework, including a greater focus on terrorist financing risk from the private sector and foreign source threats.
Bank Negara Malaysia intends to conduct further on-site assessments to ensure robustness in liquidity and funding at banks.
Jurisdictions are increasingly seeking guidance on implementing legislation to ensure the enforceability of close-out netting, the "single most important risk mitigation tool in derivatives markets".
Moody's says problem loan coverage has improved for many APAC banks, offsetting overall declines in CET1 ratios as a result of IFRS 9.
The new standards complement the ASEAN Green Bond Standards introduced last year. A new framework also announced will facilitate cross-border movement of investment advisers.
Malaysia needs to be on par with global legislation on data protection such as GDPR, said Minister Gobind Singh Deo at a recent conference.
The US and Luxembourg join a string of international jurisdictions that have agreed to cooperate with ASIC in the development of their fintech and regtech sectors.