Financial Crime

Conduct, Culture & Accountability

Westpac Unveils Change Programme to Fix Risk Culture

By Editors | 19/07/2020

Westpac says aspects of its nonfinancial risk culture are “immature and reactive”, and that the bank is “overly complex”, resulting in unclear accountabilities and challenges in execution.

Supervision & Enforcement

ESMA Opens Probe Into Germany’s Wirecard Response

By Editors | 19/07/2020

ESMA’s fast track assessment will focus on whether BaFin and accounting watchdog FREP properly applied European guidelines on enforcing the reporting of financial information.

Alternative Markets

KOFIA Chair Vows to Restore Trust in Hedge Fund Industry

By Editors | 17/07/2020

KOFIA will prevent moral hazard in the hedge fund industry by providing consulting services and strengthening the role of prime brokers, intermediaries and fund managers in monitoring efforts.

Trading & Investment

China Issues Authoritative Guidance on Handling Bond Disputes

By Editors | 16/07/2020

In disputes involving breach of contract, fraud or false statements – the issuer, its controlling shareholders, directors, and senior management will be held liable for bondholder losses.

Data Privacy

OCBC Enables Banking Access Via SingPass Digital Identity

By Editors | 16/07/2020

OCBC’s Aditya Gupta says the use of SingPass as an alternate login for mobile and online banking will give more customers the confidence to bank digitally.

Cloud & Infrastructure

APAC Regulators Driving Digital Transformation

By Rachel Woolley | 16/07/2020

The pandemic has made it abundantly clear that digital transformation is no longer optional, says Fenergo’s Rachel Woolley.

Anti-Money Laundering

MAS Issues AML Outsourcing Guidance for Capital Market Firms

By Editors | 15/07/2020

MAS found material lapses in outsourced AML/CFT controls, largely the result of poor assessment and due diligence processes, and lax oversight and monitoring.

PEPs & Sanctions

Trump Executive Order Opens China to Sanctions Over Hong Kong

By Manesh Samtani | 15/07/2020

Trump has signed an executive order threatening sanctions against Chinese officials and the banks they deal with over the national security law imposed in Hong Kong.

Fraud, Scams & Cybercrime

KPMG Cites Concerns Over ‘Questionable’ ZenRock Transactions

By Editors | 14/07/2020

KPMG was appointed as ZenRock’s interim judicial manager in May amid allegations from HSBC that the company engaged in “dishonest transactions”.