Some of the gaps identified relate to an insufficient focus on non-financial businesses and professions, difficulties identifying beneficial ownership, and an inadequate sanctions framework.
The reforms will lower the risk weights Korean banks use, resulting in reduced risk-weighted assets and freed-up capital, which will likely be used for new loans or to pay out dividends.
Singapore's Ministry of Home Affairs has confirmed that a Singaporean man has been charged for allegedly financing the publication of ISIS propaganda.
Under the new enforcement approach, APRA will be more willing to use its full range of powers to deter bad practices and hold entities and individuals to account.
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.
Prosecutors are reportedly looking for information about a scrapped Nasdaq listing of a Samsung BioLogics subsidiary, to shed light on possible accounting irregularities.
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.
The proposals could relax capital and stress testing requirements for US branches of foreign banks, but impose stricter liquidity rules on those that engage in riskier activities.
Close-out netting is the single most effective tool for reducing credit risk between counterparties, says ISDA chief Scott O'Malia, highlighting the ambiguity over its treatment in key jurisdictions.
Standard Chartered Bank will pay $947mn to US authorities for poor AML controls and sanctions breaches, and $134mn to the UK FCA for AML breaches.