MAS has reportedly been encouraging major FX players to build their systems, trading engines and data centres locally to reduce latencies from routing trades through other FX hubs.
The main effect of technology will be to "transform" jobs in the financial industry, rather than create or destroy them, says an EY study commissioned by MAS and IBF.
AML/CFT is an ideal test field for new technologies given the risk factors and complex challenges Asian banks face, says Synpulse's Prasanna Venkatesan.
The associations say a preferred approach would be to recognise Singapore's and Australia's regimes as a whole rather than the current benchmark-by-benchmark approach.
Singapore's Ministry of Home Affairs has confirmed that a Singaporean man has been charged for allegedly financing the publication of ISIS propaganda.
OCBC was able to recover $205,000 from a Malaysian bank after a transaction was flagged by its fraud surveillance unit as not fitting the client's usual patterns.
To effect the objectives of the Payment Services Act passed in January, MAS intends to prescribe new regulations for payment services licensees and significant payment systems.
Three individuals have received lengthy bans, in addition to jail terms, for "criminal conduct at the expense of their customers".
MAS has renewed calls for financial institutions to further develop their data analytics capabilities in the interest of improving the effectiveness of their AML/CFT programmes.
Looking beyond regulations aimed at cultural reform, Synpulse's Prasanna Venkatesan discusses how conduct and culture can be operationalised, measured and managed in private banking.
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