Industry News

Hybrid Banking: Merging Artificial Intelligence and Humans to Combat Fraud, Transform Services

This article displays the depth to which financial institutions are utilizing technology to include Artificial Intelligence and Machine Learning (amongst others) in their process to help combat fraud.
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World’s First Cross-Border, Open-Architecture Platform to Improve Financial Inclusion

The ASEAN Financial Innovation Network (“AFIN”) has announced the launch of API exchange (“APIX”). It is an online Global FinTech marketplace and a Sandbox platform for Financial Institutions (“FI”). This article describes how APIX will help banks all over the ASEAN region to come together on a common platform to make use of such advancements in technology to manifest new ideas and cross-border collaboration.
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The Tiny Bank at the Heart of Europe’s Largest Money Laundering Scandal

A write-up about a small bank in Estonia at the heart of one of the largest money-laundering scandals, amounting to some US$236 billion – approximately 10 times the country’s GDP. This article lays out the blatant discrepancies and failure of controls that led to the matter blowing up in the manner that it did.
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Whistleblower Receives Award of Approximately $1.5 Million

14th September 2018, the Securities & Exchange Commission (“SEC”), awarded an amount of $1.5Mn to a whistleblower, doing so in expectation of providing a comfort level for people to come forth with vital information pertaining to misfeasance within their organization.
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More than 1,700 Financial Firms in Hong Kong Share Customer Information with Authorities in the Global Tax Evasion Initiative, AEOI

Hong-Kong is set to exchange customer information with the government of 75 jurisdictions in an attempt to cut down on global tax evasion. The global tax cooperation initiative is known as the Automatic Exchange of Information (‘AEOI”). The information being shared through the AEOI will be a means by which Hong Kong will be able to ascertain their taxpayers’ overseas income.
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MAS Consults on Measures to Strengthen the Cyber Resilience of Financial Institutions

Due to recent breaches in Cyber Security, the Monetary Authority of Singapore (“MAS”) has issued a Consultation Paper for Financial Institutions to implement cyber-security measures to protect their IT systems and also to make their systems more resilient to cyber-attacks.
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Warning on Fraudulent Website Soliciting Bitcoin Investments

MAS warns members of the public to exercise extreme caution when faced with websites soliciting Bitcoin investments, as was the case here. Members of the public who suspect that an investment could be fraudulent or misused for other unlawful activities should report such cases to the Police.
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New Milestones in Financial Cooperation between Singapore and China

Both sides discussed ways of deepening existing collaboration. Specific areas being focused on are financial connectivity, supervisory connectivity, supporting the Belt & Road initiative, and cooperation in Fintech.
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MAS Regulatory Updates – Highlights

24th September 2018 – MAS outlines on enforcement in order to detect and investigate a breach of rules & regulations
These new enforcement rules supersede a previous version which was drafted in January 2016 and now covers all financial institutions. The Monograph prepared by the Monetary Authority of Singapore (“MAS”), gives us an outline of how the MAS is planning to deter, detect and investigate breaches of their rules and regulations. The MAS has stipulated its intention to work with various other government agencies such as the Commercial Affairs Department (“CAD”), the Attorney-General Chambers (“AGC”) and other Self-Regulatory Organizations (“SRO”) in order to prevent regulatory breaches.

30th August 2018 – The MAS uploaded a training video showing how the new Corporations and Representatives systems (CoRE) for the submission of representative notifications may be used.

28th August 2018 – MAS Response for the reviews on the Consultation Paper issued on 9th November 2016 for the Insurers Appointment of Custodians and Fund Manager.

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Insights

Variable Capital Company – Positions Singapore as International Fund Management Centre:

The Monetary Authority of Singapore (“MAS”) has recently released a new type of fund structure called a Variable Capital Company (“VCC”). This new fund structure will help Singapore strengthen its presence as a financial services heavyweight in South-East Asia. This article lays down all the benefits of a VCC, as well as the fundamentals on how a VCC is to be established and the various regulations surrounding it.
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AML Regulations Update- Cayman Islands – AMLCO, MLRO & DMLRO:

This article gives us a brief regulatory update on the AML/CFT regulation in Cayman Island and also states the qualifications for a natural person to act as an AMLCO, MLRO & DMLRO.
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What’s New at Argus?

Argus was proud to be a part of and to support the Startup Weekend Singapore Mega 2018. It was fantastic to see the young and upcoming talent from Singapore thrive in such a competitive environment.

 

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