Financial Crime

Conduct, Culture & Accountability

Practical Steps for Compliance with MAS’ IAC Guidelines

By Grace Chong | 14/06/2019

Grace Chong at global law firm Simmons & Simmons analyses the implications of MAS’ Individual Accountability and Conduct Guidelines, and sets out the practical steps to be taken.

Supervision & Enforcement

Commonwealth Financial Planning Completes Enforceable Undertaking

By Editors | 13/06/2019

ASIC is satisfied that Commonwealth Financial Planning has completed the necessary steps to address a service model that charged fees for no service.

Payments & Settlements

MAS: Remittance Firms Forbidden from Making Loans

By Editors | 13/06/2019

Remittance firms will be prohibited from issuing advances to individuals starting September this year, ahead of the Payment Services Act entering into force.

KYC & CDD

Automatic Exchange of Information is Working, Says OECD

By Ralph Cunningham | 13/06/2019

New data from the OECD indicates that Hong Kong and Singapore are adhering to tighter global standards on tax transparency.

Market Abuse

UPDATED – Merrill Lynch in KRX Crosshairs for High-Frequency Trading

By Editors | 12/06/2019

KRX probe to determine if Citadel’s HFT algorithm breached fair trade rules; Merrill Lynch reprimand to be decided following alleged market disruption.

Anti-Bribery & Corruption

China Corruption Watchdog Appoints New Boss for ICBC Shanghai

By Editors | 12/06/2019

The appointment took employees by surprise on Friday as it was announced by an anti-corruption body official installed at ICBC rather than by the bank’s own chief.

Market Abuse

SEBI Proposes Informant Mechanism to Combat Insider Trading

By Editors | 11/06/2019

SEBI wants to institute a process that incentivises timely reporting of instances of insider trading and provides for the granting of rewards to whistleblowers.

Market Abuse

UPDATED – Citigroup Japan Fined, Ordered to Improve Internal Controls

By Editors | 10/06/2019

Having failed to detect after hours spoofing by a London trader, Citigroup Global Markets Japan has been fined, ordered to improve its controls, and suspended from participating in JGB auctions.

Market Abuse

Switzerland Fines Five Global Banks Involved in FX Trading Cartel

By Editors | 10/06/2019

Adding to the European Commission’s $1.2bn fine last month, Citigroup, Barclays, RBS, JP Morgan and MUFG have been fined $91mn by the Swiss Competition Commission.