Singapore can do more to prevent sanctions violations by domestic firms playing out on the international stage, says Eric A. Sohn at Dow Jones Risk & Compliance.
The regulator is looking to set up private cloud infrastructure to enhance its analytical capabilities for better surveillance and investigations.
The penalty is far less than the combined A$125mn that NAB, ANZ and CBA paid to settle their own BBSW cases with ASIC out of court.
China is planning to install anti-graft officials at some of the largest state-owned financial institutions in the country, according to an SCMP report.
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.
JPMorgan and Citibank are still being investigated in an ongoing price manipulation probe by the Fair Trade Commission and FSS which dates back to 2011, reports local media.
Following Royal Commission findings that APRA never took a financial institution to court, the agency said it needed more funding to take a more aggressive enforcement approach.
AFCA will influence reform in financial services by raising standards and improving internal practices to reduce and resolve disputes, said the body's independent chair Helen Coonan.
The 500 billion won fund will start investing in the KOSDAQ from November. Separately, market participants will establish an emergency monitoring system to better respond to instability.
The FSC has fined the bank $129,000 for internal control failures that allowed two of its officers to misappropriate client funds, and ordered it to dismiss the officers responsible.