News Headlines
[Singapore] MAS proposes to have more investigative
powers, enter premises without prior notice or warrant
Business Times, 2 Jul 2021
THE
Monetary Authority of Singapore issued a consultation paper proposing to
strengthen its investigative powers under MAS-administered Acts to enhance its
ability to gather evidence. The amendments will be made under a Financial
Institutions (Miscellaneous Amendments) Bill that proposes to empower MAS to
enter premises without prior notice or a court warrant for investigations under
the Securities and Futures Act or the Financial Advisers Act, when MAS assesses
that there is a risk of evidence being destroyed. MAS also proposes to extend
this power, along with other investigative powers that are currently available
under the SFA and FAA, to other MAS-administered Acts. These are the Banking
Act, Insurance Act, Trust Companies Act, Payment Services Act and the new
omnibus Act for the financial sector. These include powers to compel witnesses
to attend interviews and to use evidence gathered by other agencies.
Full
text: click here; Consultation: click here
[Singapore]
MOF, Acra propose changes to Companies Act, LLP Act
Business
Times, 2 Jul 2021
The
Ministry of Finance and the Accounting and Corporate Regulatory Authority are
proposing changes to Singapore's Companies Act and Limited Liability
Partnerships Act. The proposed amendments comprise four key changes relating to
transparency and beneficial ownership and LLPs which serve to reduce
opportunities for the misuse of corporate entities for illicit purposes.
Suggested changes include requiring foreign companies to update the register of
members to reflect changes in particulars, and for companies to keep registers
of nominee directors and shareholders, among others.
Full
text: click here; Consultation: click here
[Hong
Kong] Bond Connect exceeds expectations, Nicolas Aguzin says
The
Standard, 2 Jul 2021
Hong
Kong Exchanges and Clearing Chief Executive Nicolas Aguzin said the number of
bond connect products surged 10 times compared with the beginning and the stock
exchange will launch more products and services. At the Bond Connect
Anniversary Summit 2021, Aguzin said the Bond Cconnect has exceeded
expectations and has become a channel for international investors to enter the
world’s second-largest bond market. As for southbound Bond Connect, he added
that the bourse will continue to cooperate with regulators to expand to make it
easier for mainland investors to invest in the international bond market.
Full
text: click here
[Singapore]
Compliance Toolkit for Approvals, Notifications and Other Regulatory
Submissions to MAS for Fund Managers
MAS
Regulation, 2 Jul 2021
This
Compliance Toolkit aims to guide and facilitate licensed fund management
companies, registered fund management companies, venture capital fund managers’
compliance with the various MAS approval and reporting requirements and
timelines.
Full
text: click here
[Singapore]
PSN01AA Prevention of Money Laundering and Countering the Financing of
Terrorism - Persons Providing Account Issuances Services who are Exempted under
the Payment Services (Exemption for Specified Period) Regulations 2019
MAS
Regulation, 2 Jul 2021
The
MAS Notice PSN01AA was revised on 2 July 2021. It is a transitional arrangement
and is intended to substantially apply the requirements of PSOA-N02 to persons
providing account issuance services who are exempted under the Payment Services
(Exemption for Specified Period) Regulations 2019 during the transition period.
Full
text: click here
[Hong
Kong] SFC reprimands and fines Raymond Leung Tak Shing $400,000 for breaches of
anti-money laundering regulatory requirements
SFC
Enforcement News, 5 Jul 2021
The
SFC has reprimanded Mr Raymond Leung Tak Shing, chief executive officer,
director, compliance officer and money laundering reporting officer of Yardley
Securities Limited, and fined him $400,000 for failures in complying with
anti-money laundering regulatory requirements when handling third party fund
transfers between February and October 2016. In particular, Leung, who was
responsible for handling and approving third party fund transfers at YSL,
approved such transfers in two client accounts between February and May 2016
without sufficient scrutiny, nor documenting the enquiries he claimed to have
made at the relevant time, despite numerous indicators suggesting that some of
them were unusual or suspicious.
Full
text: click here
[Hong
Kong] SFC bans Lau Kwo for 12 months
SFC
Enforcement News, 5 Jul 2021
The
SFC has banned Mr Lau Kwo, former licensed representative of Mason Securities
Limited, from re-entering the industry for 12 months from 3 July 2021 to 2 July
2022. An SFC investigation found that Lau, in his capacity as an account
executive of MSL, falsely represented that he had provided risk disclosure
statements to six clients when they opened accounts with MSL via a
non-face-to-face approach.
Full
text: click here
[Singapore]
MAS issues Prohibition Orders against Ms Suzannah Khoo Lee Sun for dishonest
conduct
MAS
Enforcement News, 5 Jul 2021
The
Monetary Authority of Singapore has issued four-year prohibition orders against
Ms Suzannah Khoo Lee Sun, following her conviction in the State Courts for an
offence involving dishonesty. In September 2012, Ms Khoo was a representative
of Prudential Assurance Company Singapore (Pte) Limited, when she
misappropriated $3,735.48, which a client had entrusted to her for the payment
of insurance premiums to PACS. Ms Khoo took the monies for her personal use.
Full
text: click here
[Singapore]
Consultation Paper on Proposed Amendments to the Securities & Futures
(Reporting of Derivatives Contracts) Regulations
MAS
Consultation, 5 Jul 2021
This
consultation seeks views on the proposed amendments to the Securities and
Futures (Reporting of Derivatives Contracts) Regulations 2013. The proposed
amendments aim to facilitate the aggregation of OTC derivatives data through
standardisation and harmonisation of data elements by incorporating
CPMI-IOSCO’s technical guidance on the harmonisation of the unique transaction
identifier, unique product identifier and other critical data elements.
Full
text: click here
[Indonesia]
Indonesian regulator may issue digital banking rules this month, report says
Asia
Asset Management News, 6 Jul 2021
Indonesia’s
financial services regulator hopes to launch digital banking regulations as
early as this month, according to a report in Bisnis, a local business daily,
quoting a senior official. The rules are now being “harmonised” with the law
and human rights ministry, says Heru Kristiana, chief executive of banking
supervision at the Financial Services Authority.
Full
text: click here
Articles/ Publications
[Singapore]
June 2021 FATF Statement
MAS
Publication, 5 Jul 2021
This
is the MAS' announcement on the June 2021 FATF Statement highlighting
jurisdictions with strategic deficiencies in AML/CFT.
Full
text: click here
