Financial Crime

Conduct, Culture & Accountability

Macquarie Emerges from Royal Commission Unscathed

By Manesh Samtani | 26/11/2018

Macquarie seen as the first responsible corporate role model in the nine months since banking royal commission public hearings began.

Conduct, Culture & Accountability

Restoring Trust in Financial Sector Essential for Economic Prosperity – RBA

By Manesh Samtani | 23/11/2018

Strengthening trust in Australia’s financial institutions requires better incentive systems, clearer lines of accountability and stronger penalties for misconduct, said RBA governor Philip Lowe.

Credit Risk

Thailand to Broadly Revamp Regulations for Financial Institutions

By Editors | 23/11/2018

New regulations will make it easier for financial institutions to lend to SMEs and adopt new technologies, while also reducing burdensome approval processes.

Anti-Money Laundering

Japan’s MUFG in Ongoing AML Probe by New York Regulators

By Manesh Samtani | 23/11/2018

The probe has been ongoing since late 2017, where MUFG is alleged to have intentionally ignored internal controls meant to prevent it doing business with sanctioned entities.

KYC & CDD

Lessons from Singapore’s KYC Utility Project

By Manesh Samtani | 21/11/2018

The Association of Banks in Singapore has published a report detailing the core design decisions, achievements, challenges and lessons from the recently-shelved KYC utility project.

Anti-Money Laundering

Singapore Toughens Penalties for AML/CTF Offences

By Manesh Samtani | 21/11/2018

Penalties are being raised for AML/CTF offences and failures to file suspicious transaction reports, while Singapore also expands on its arrangements with foreign FIUs.

Payments & Settlements

MAS Payment Services Bill Finalised, Tabled in Parliament

By Manesh Samtani | 19/11/2018

The Bill aims to provide a more conducive environment for innovation in payment services, while ensuring that risks across the payments value chain are mitigated.

Conduct, Culture & Accountability

New Zealand Banks Must Address Risks from Sales-Linked Incentives – FMA

By Manesh Samtani | 19/11/2018

The FMA expects banks to change sales-linked incentives, or explain how they will strengthen controls to address the risk of inappropriate sales.

Supervision & Enforcement

Australia’s Public Prosecutor Gets A$50mn to Go After Banking Misconduct

By Garima Chitkara | 19/11/2018

Australia to provide approximately A$50 million for public prosecutions and federal court to expand staff and capacity to litigate banking and financial institution misconduct cases.