by Argus | Financial Institutions, News, Regulatory Compliance
European Commission fines five global banks over FX Market Misconduct The European Commission fined Citigroup, Barclays, JP Morgan, MUFG and Royal Bank of Scotland (RBS) for a total amount of USD 1.2 billion for forex trading market misconduct. Nine individual traders...
by Argus | Financial Institutions, Insurance, News, Regulatory Compliance
MAS releases Prohibition Orders against three individuals for dishonest conduct The Monetary Authority of Singapore (MAS) issued Prohibition Orders (POs) taking effect on 8 May 2019 against three individuals for dishonest conduct. Mr Lee was Managing Director and Head...
by Argus | Anti Money Laundering, News, Ongoing Compliance, Regulatory Compliance
Nordic banks pool resources to centralize KYC checks The six major banks of the Nordic region are joining forces to set up a customer checking center to centralize KYC process (Know-Your-Customer) and fight money laundering more effectively. This comes after a money...
by Argus | Financial Institutions, News, Regulatory Compliance
MAS releases Consultation Paper on Final Basel III Reforms in Singapore The Monetary Authority of Singapore (MAS) released on Tuesday (May 7) a new Consultation Paper on the proposed implementation of Final Basel III Reforms concerning base capital requirements...
by Argus | Financial Institutions, Fintech, News, Regulatory Compliance
MAS considering Virtual Banking License for FinTech firms The Monetary Authority of Singapore (MAS) said on Tuesday it is reviewing whether to offer digital-only banks that have emerged out of FinTech firms a virtual banking license. Since 2000, Singapore-incorporated...
by Argus | Anti Money Laundering, Fund Management Company, News, Regulatory Compliance
Ex-Goldman Banker charged in 1MDB fund scandal Goldman Sachs is being probed by US Justice Department for its role as underwriter and arranger for some $6.5 billion worth of 1Malaysia Development Bhd (1MDB) bond offerings, in the governmental fund scandal shaking...
