Articles and Events Summary

Variable Capital Company: A Snapshot

The introduction of the new VCC structure provides as additional structuring option for Singapore-based fund managers to domicile their investment funds locally and enhance Singapore’s position as an international fund management centre.

What are some of the key requirements of a VCC, the tax incentives and GST remission available to them, and AML/CFT requirements?

For a quick overview, take a look at our infographic here.

Industry News

 

European Banking Authority calls for more action on Money Laundering

Money laundering and terrorism financing have remained to be major concerns for the integrity of the European Union’s financial system and the security of its citizens. Over the last few years, the EU has developed a comprehensive regulatory framework for preventing money laundering and terrorist financing, in line with international standards.

 

For more information, please click here.

 

HSBC Reprimanded and Fined for Non-Compliance

 

Hong Kong’s financial regulator, the Securities and Futures Commission (SFC), has reprimanded and fined The Hongkong and Shanghai Banking Corporation Limited (HSBC) HKD2.1 million for non-compliance with the telephone recording requirements under the Code of Conduct for Persons Licensed by or Registered with the Securities and Futures Commission.

 

To read further, please click here.

 

Standard Chartered Bank fined for Regulatory Violations

 

Standard Chartered Bank, which has been dogged by regulatory scrutiny in recent years and fined billions of dollars since 2012 for compliance violations, has trouble showing the source of some of its clients’ wealth. According to sources, in some cases, the private bank lacked even basic data such as the addresses and phone numbers of some of its clients.

 

To read further, please click here.

 

India’s Enforcement Directorate files money laundering case against Rolls Royce and others

India’s Enforcement Directorate (ED) has filed a criminal case to probe money laundering charges against Rolls Royce, the London-based automobile company, in an alleged corruption case. Rolls Royce is said to have made a payment of over INR77 crore (over USD10 million) as commission to an agent to win contracts from a number of Public Sector Units between 2007 and 2011.

 

To read further, please click here.

 

Hong Kong’s Securities and Futures Commission bans ex-banker Ye Feng for life

Hong Kong’s Securities and Futures Commission (SFC) has banned a former vice president of China’s Bank of Communications Co., Ye Feng, from re-entering the industry for life following his conviction in a bribery case. He had been convicted of soliciting illegal payments of around HKD919,120 from a client, which were taken out of profits from trades in Hong Kong stocks.

 

To read further, please click here.

 

Regulatory Updates

 

19 September 2019 – Form 4 – Appointment of Resident Manager or Director under Section 13 and Regulation 9

 

MAS has updated the form for licensed trust companies to apply for the appointment of a resident manager or director.

 

Click here to view the updated form.

 

24 September 2019 – Guidelines on the Regulation of Short Selling [SFA 07A-G01]

MAS has updated the requirements for the reporting of short sell orders and short positions.

 

Click here to view the updated guidelines.

 

GET IN TOUCH

Argus specializes in regulatory compliance and provides objective insights, subject expertise and a simple approach to all your compliance-related needs. Our diversified client base spans start-ups to mature businesses. We partner with our clients to serve all their compliance needs from the initial phase to ongoing support, training, audit, risk management and governance.

 

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