Financial institutions will be allowed to decline MAS requests for previously-submitted data; new regulatory returns to be submitted in machine-readable formats.
An estimated $10bn in LoUs will need to be wound down within three months, forcing banks to rebalance assets and liabilities.
New capital requirements will be imposed on stock brokers, merchant banks, asset managers and institutional portfolio managers.
Securities regulator says fine would have been much higher were it not for self-reporting of breaches, cooperation in inquiry and ‘remedial measures’.
A moveable asset finance law would enable banks to accept collateral other than real estate such as stock, equipment and receivables.
Foreign Portfolio Investors should not be Indian residents, non-resident Indians or overseas citizens of India; must be from AML/CTF compliant jurisdictions.
NAB staff allegedly falsified documents to achieve home loan targets, branch managers colluded with loan introducers to manipulate incentive schemes.
The firm failed to put in place controls to prevent co-mingling of agency execution and client facilitation services.
Advisory group will develop best practices for the industry, including more inclusive, skills-based hiring policy.
Staff at the firm and their associates alleged to have used more than 300 trading accounts to make illicit profits of $150mn.