[Singapore]
Notice SFA 02-N02 Supervision of Market Participants
MAS Regulation, 5 Jan
2021
This Notice sets out the requirements for
Recognised Market Operators in terms of participant compliance with business
rules and Part XII of Securities Futures Act, participant access to markets,
and notifications in relation to disciplinary actions taken against a
participant.
Full text: click here
[Mainland China] China
sentences former Huarong chairman Lai Xiaomin to death over bribery
Straits Times, 5 Jan 2021
Lai Xiaomin, former chairman of China
Huarong Asset Management Co, was sentenced to death for taking bribes,
corruption and bigamy, in one of the China's biggest financial crime cases. Lai
was found guilty of receiving a total of 1.79 billion yuan in bribes between
2008 and 2018, according to the local court of Tianjin City. All his personal
assets will be confiscated, the rulings said.
Full text: click here
[Mainland China] Tenpay
fined $8.7m yuan over irregularities
The Standard, 6 Jan 2021
Tencent's fintech arm Tenpay was fined 8.77
million yuan by the People's Bank of China's Shenzhen sub-branch for eight
irregularities. The PBOC also fined Zhou Zhiming, director of Tenpay's risk
control department, 550,000 yuan. The eight breaches include offering payment
services for illegal and fake transactions, failure to save accurate
transaction details, illegal payment business cooperation and failing to bring
filings about its QR Code payment business.
Full text: click here
[Singapore] Veritas
Initiative Addresses Implementation Challenges in the Responsible Use of
Artificial Intelligence and Data Analytics
MAS News, 6 Jan 2021
The MAS announced the successful conclusion
of the first phase of the Veritas initiative which saw the development of the
fairness assessment methodology in credit risk scoring and customer marketing.
These are the first two use cases to help financial institutions validate the
fairness of their Artificial Intelligence and Data Analytics (AIDA) solutions
according to the Fairness, Ethics, Accountability and Transparency (FEAT)
principles. The Veritas Consortium also published whitepapers on the fairness
assessment methodology and the open source code of these two use cases.