Argus Newsletter, September 2019
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...
Need for Managing Cyber Risks in IT Supply Chains – MAS’ Cyber Security Advisory Panel
The Monetary Authority of Singapore (MAS)’s Cyber Security Advisory Panel (CSAP) convened on 30th September to discuss the latest cyber-security challenges and strategies related to the financial industry in Singapore. The CSAP comprises of leading cyber security...
Hong Kong’s Securities and Futures Commission bans ex-banker Ye Feng for life
Hong Kong’s Securities and Futures Commission, has banned the former vice president of China’s Bank of Communications Co., Mr Ye Feng, from re-entering the industry for life following his conviction in a bribery case. He has been convicted of soliciting illegal...
India’s Enforcement Directorate files money laundering case against Rolls Royce and others
A criminal case has been filed by the Enforcement Directorate (ED) to probe money-laundering charges in an alleged corruption case against Rolls Royce. The London-based automobile company is said to have made a payment of over INR 77 Crore (over USD 10 million)...
Standard Chartered Bank fined for Regulatory Violations
Standard Chartered Bank has been dogged by regulatory scrutiny in recent years. It has been fined billions of dollars since 2012 for compliance violations and has had trouble in showing the source of some of its clients’ wealth. According to sources, in some...
Variable Capital Company Act: Key Requirements
The Monetary Authority of Singapore (MAS) and the Accounting and Corporate Regulatory Authority (ACRA) have launched the Variable Capital Companies (VCC) framework in Singapore. The Variable Capital Company Act is a new corporate structure that can be used for a wide...
HSBC Reprimanded and Fined for Non-Compliance
The Securities and Futures Commission (SFC), the financial regulator of Hong Kong, has reprimanded and fined The Hongkong and Shanghai Banking Corporation Limited (HSBC) $2.1 million for non-compliance with the telephone recording requirements under the Code of...
Argus Newsletter, August 2019
Articles and Events Summary Payment Services Act 2019 The Payment Services Bill (PSB) is an Act to provide for the licensing and regulation of payment service providers, the oversight of payment systems, and connected matters. PSB was passed in Parliament on 14...
European Banking Authority calls for more action on Money Laundering
Money laundering and the terrorism financing remain a major concern for the integrity of 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...
New Chapter for Digital Banks – MAS Invites applications for new licences
The Monetary Authority of Singapore (MAS) announced that it will begin accepting applications for new digital bank licences. Interested parties have until 31 December 2019 to submit their applications. This follows the announcement in June 2019 by Mr Tharman...
Payment Services Act 2019
The Payment Services Bill (PSB) is an Act to provide for the licensing and regulation of payment service providers, the oversight of payment systems, and connected matters. PSB was passed in Parliament on 14 January 2019 . The PSB act shall repeal the Payment Systems...
Consultation Paper on Requirements on Controls against Market Abuse
The Monetary Authority of Singapore (MAS) has launched a consultation paper on controls against market abuse. MAS is seeking to impose new requirements to improve controls and facilitate investigations in cases of market abuse. These new requirements aim to improve...
British Qatari-controlled bank being investigated by UK over money-laundering
The British-registered, Qatari state-controlled bank Al Rayan, that has been acting as a platform for extremists’ interests in Europe, is being investigated over its money laundering controls. The bank has come under scrutiny after it was revealed its client list...
DNB failed to comply with anti-money laundering regulations, finds Norway’s watchdog – FSA
What was long regarded as a minor issue for Nordic banks, money laundering has become a serious area of concern in the last two years following scandals at competitors Danske Bank and Swedbank. Norway’s Financial Watchdog – FSA (Financial Supervisory Authority) has...
Tough measures announced by Austrac after being ‘flooded’ with money laundering breaches
Australia’s anti-money laundering regulator has warned that it is likely to take more action against the nation’s top financial institutions after being “flooded” with reports of potential money- laundering breaches. Nicole Rose, Austrac Chief executive, has said that...
MAS bans 3 Singaporeans jailed in landmark insider trading case
Monetary Authority of Singapore (MAS) has issued Prohibition Orders (PO) against three Singaporean men who ran an illegal share trading scheme through which they made $2Million each. The POs against Simon E Seck Peng (former representative of UOB Kay Hian) and Leong...
Singapore Central Bank steps up scrutiny of shell firms
Central Bank of Singapore has raised its watch against money launderers who are increasingly using shell companies to hide their transactions. Over the past year, banks had closed accounts of several onshore shell companies after detecting unlawful transactions....
FMC Regimes in Singapore & Hong Kong: A Comparison
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...
MAS launches Sandbox Express for Faster Testing of Innovative Financial Products
MAS has launched ‘Sandbox Express’ to provide firms with a faster option to market test some innovative financial products and services. Fundamentally, Sandbox Express shortens the approval process for firms to enter the Sandbox by relying on standard disclosures and...
New Rules to Strengthen Cyber Resilience of Financial Industry from MAS
A set of legally binding requirement was released by MAS today to raise the cyber security standards for the financial industry. This move is made with a view to strengthen the cyber resilience and enforce good cyber hygiene for the sector. MAS had sought the...
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