25th February 2020
Three units of Goldman Sachs (GS.N) pleaded not guilty to charges of misleading investors regarding $6.5 billion in bond sales that the U.S. investment bank helped raise for state fund 1Malaysia Development Berhad (1MDB), Bernama state news agency reported on Monday. The U.S. Department of Justice estimates $4.5 billion… Read More
7th February 2020
The US and Singapore support allowing financial service suppliers to transfer data across borders and oppose generally applicable data localisation requirements. MAS (Monetary Authority of Singapore) and the US Treasury Department have issued a joint statement declaring their support for cross-border data transfers by financial services firms, and opposing… Read More
6th February 2020
MAS (Monetary Authority of Singapore) is working on incorporating a broader range of climate change-related risks in stress testing scenarios. In a written reply to Parliament, MAS said it has already started to stress test for climate change-related risks, but that the methodologies for stress testing these risks are… Read More
30th January 2020
MAS (Monetary Authority of Singapore) on Tuesday (28 January) announced the commencement of the Payment Services Act (PS Act). Singapore’s Parliament passed the law in January 2019, providing a new framework to streamline the regulation of payment services under a single legislation and bring different payment activities under the… Read More
28th January 2020
Singapore is introducing new payments legislation that offers global cryptocurrency firms a chance to expand their operations in the country by applying for operating licenses for the first time. The Payment Services Act, which comes into force Tuesday, is the first comprehensive regulation for companies handling activities ranging from… Read More
16th January 2020
Criminals have long turned to cryptocurrencies like Bitcoin to carry out crimes including ransomware and extortion. But as law enforcement has improved at tracking the semi-anonymous currencies, criminals have had to devise new tactics for turning ill-gotten crypto proceeds back into cash. In response, a… Read More
31st December 2019
MAS (Monetary Authority of Singapore) has issued a consultation paper on proposed amendments to the Payment Services Act 2019 in relation to AML/CFT and other matters. The Payment Services Act 2019 will commence on 28 January 2020, applying AML/CFT measures to all three classes of payment service providers: holders of… Read More
30th December 2019
Ongoing political demonstrations in Hong Kong are impacting APAC financial markets by accelerating wealth migration trends and increasing financial crime risk. As the risk profile in the region evolves, regulators increasingly expect financial institutions to leverage technology to meet compliance demands. This unexpected upheaval and changing regulatory landscape should serve… Read More
10th December 2019
A Swiss court convicted a Belgian lawyer on Monday of money-laundering and forgery for taking shares now worth more than 60 million Swiss francs ($60 million) from Belgium’s richest family and stashing them in accounts and offshore companies. The unidentified defendant, who denied the charges, was sentenced to 30 months,… Read More
4th December 2019
Swiss financial markets supervisor FINMA must reconsider its confiscation of 95 million Swiss francs ($95.27 million) from Banca della Svizzera Italiana (BSI), after a court called its calculation of the amount seized “incomprehensible”. BSI was bought by EFG International in 2016 from Brazil’s BTG Pactual after becoming tangled in legal… Read More