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A subgroup of the Benchmark Rate Reform Task Force is in the process of drafting a LIBOR transition roadmap to ensure that Korean FIs can use alternative rates starting from 2022.

The estimates reflect a move to a forward-looking methodology for analysing loan books, an accounting change recommended by the FSA in December.

MAS will regulate payment token derivatives offered by approved exchanges - i.e. SGX Derivatives, APEX, Ice Futures - but will not regulate such products offered by other entities.

There are trade-offs between expecting FIs to enhance or adjust their cyber resilience and AML frameworks, versus avoiding excessive burdens that could hinder the delivery of key financial services.

The associations have cited impacts from Covid-19 and SWIFT's decisions to delay ISO 20022 migration for cross-border payments as the primary reasons for the requested delay.

Money stolen through telephone and online scams was laundered through at least three layers of bank accounts in Hong Kong within hours before being funnelled out of the city.

Temasek's participation in the Libra Association will allow it to contribute toward a regulated global network for cost effective retail payments.

The company and 21 of its employees have also been fined for using false documents and transaction records to inflate cash positions.

An amendment waives stamp duties on primary market stock transfers involving ETF market makers' activities to create and redeem ETF units.

Financial Services Council chief Sally Loane welcomed the move, but expressed disappointment with changes that may create another tax compliance burden for managed funds.