The bank’s Singapore branch and trust unit failed to adequately assess and mitigate risks that clients were trying to avoid CRS reporting obligations.
In a speech at Money 20/20 Asia, MAS managing director Ravi Menon spoke about the promise of blockchain technology and containing cryptocurrency risks; AML/CTF risks present a "clear and present danger".
Financial institutions will be allowed to decline MAS requests for previously-submitted data; new regulatory returns to be submitted in machine-readable formats.
Advisory group will develop best practices for the industry, including more inclusive, skills-based hiring policy.
MAS and CAD will consolidation investigative resources and expertise for all capital market and financial advisory offences, effective 17 March.
Move follows MAS consultation on moving all OTC derivatives contracts onto organised markets.
MoU aimed at promoting market development initiatives in Asia Pacific region, including for derivatives, secondary listings and ETFs.
ASEAN CIS framework revised to open greater fund participation between Malaysia, Singapore and Thailand.
Board suggests MAS need to state who is responsible for macro-prudential oversight; wants resolution regime extended to market infrastructure.
The trading obligations would apply to banks with gross notional outstanding OTC derivatives exceeding SGD20 billion.
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