Upon being alerted to a suspected case of money laundering by Citi, the Police's Anti-Scam Centre froze the funds and recovered $1.9mn.
December 30, 2020Singapore merchants were caught off guard when Wirecard services stopped functioning this month. Many have been accepting payments via bank transfer, cash or digital platforms.
October 13, 2020The Fed has ordered Citigroup to remediated enterprise-wide risk management and controls deficiencies. The OCC has penalised Citibank $400mn for the same deficiencies.
October 8, 2020Citi's audio preservation system deleted more than 2.77 million audio files, including recordings that were subject to a December 2017 CFTC subpoena.
October 2, 2020DBS, BNP Paribas, Citibank, Deutsche Bank and StanChart have partnered with Ant Group to help optimise cross-border processes on the new blockchain powered platform.
September 30, 2020Since June 2019, banks have been required to inform customers of their right to request lower interest rates when their credit profiles improve or their assets increase.
September 23, 2020Among the potentially suspicious transactions were more than $174mn of possibly illicit funds that flowed through Australian banks.
September 22, 2020An SME director and a former clerk allegedly conspired to defraud four commercial banks, the Trade and Industry Department, and Hong Kong Mortgage Corporation.
September 4, 2020Singapore is seen to be leading Asia in its preparation for the cessation of LIBOR at the end-of 2021. Earlier this month, MAS announced new initiatives to catalyse SORA markets.
August 20, 2020The HKMA and SFC will remove one entity that no longer conducts OTC derivatives business as its institutional services are now being provided by BofA Securities Inc, a new FSP.
June 25, 2020