Daily News Headlines

  • News Headlines – 11-12 Nov 2020

    [Singapore] Financial Institutions Need to Review Security Controls Amidst COVID-19: MAS’ Cyber Security Advisory Panel

    MAS News, 10 Nov 2020

    The Monetary Authority of Singapore (MAS)'s Cyber Security Advisory Panel (CSAP) stressed the need for financial institutions to review their security controls given the elevated technology-related risks arising from remote working and safe management measures due to the COVID-19 pandemic. At its fourth annual meeting with MAS management on 5 November 2020, the Panel shared its insights on cyber risks in the new operating environment and made several recommendations. 

    Full text: click here

    [Singapore] MAS Consults on Requirements to Strengthen Financial Institutions’ Identity Verification Process

    MAS News, 10 Nov 2020

    The MAS issued a consultation paper on the types of information required for non-face-to-face verification of an individual’s identity. These proposed requirements come against the backdrop of rising impersonation scam cases, and seek to address the risks arising from theft and misuse of an individual’s personal particulars. The proposed Notice will prohibit financial institutions from relying on common personal information such as NRIC number, residential address and date of birth as the sole means of identity verification.

    Full text: click here; Consultation: click here

    [Hong Kong] Zeng Lingxi pleads not guilty to charges of obstructing the SFC’s search operation

    SFC News, 11 Nov 2020

    Ms Zeng Lingxi pleaded not guilty at the Eastern Magistrates’ Court to two charges laid against her for obstructing employees of the Securities and Futures Commission (SFC) in the execution of a search warrant in May 2020 at an office premises related to an investigation of possible market manipulation of the shares of a Hong Kong-listed company.

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    [Hong Kong] Fraudulent Claim to be a Product Licensed by the HKMA

    HKMA News, 11 Nov 2020

    The Hong Kong Monetary Authority (HKMA) received enquiries from members of the public regarding a website, with the domain name http://antarespay.com/, claiming that its product is licensed by the HKMA. The HKMA wishes to clarify that the claim on the website does not tally with the fact. The public should be aware that the Antares Pay or Antares Card is not an authorized institution (AI), stored value facility (SVF) licensee or approved money broker regulated by the HKMA.

    Full text: click here

    [Hong Kong] Statements issued by the Financial Action Task Force (For AIs and SVF Licensees)

    HKMA Circulars, 11 Nov 2020

    This circular is to update you the statements published by the Financial Action Task Force (FATF) identifying jurisdictions that have strategic deficiencies in their anti-money laundering and counter-financing of terrorism (AML/CFT) and counter proliferation financing regimes, and also draw your attention to a number of outcomes from the FATF Plenary meeting held virtually on 21-23 October 2020. In response to the COVID-19 pandemic, the FATF decided on a general pause in the review process for the list of “high-risk jurisdictions subject to a call for action”. AIs should therefore continue to refer to the HKMA circular on “Statements issued by the Financial Action Task Force” dated 11 March 2020, in particular, applying the enhanced due diligence measures and other counter-measures in relation to Iran and the Democratic People’s Republic of Korea.

    Full text: click here

    [China] China to step up crackdown on fintech dominance, risk controls

    Business Times, 12 Nov 2020

    Liang Tao, a vice-chairman of the China Banking and Insurance Regulatory Commission (CBIRC), said at a conference in Beijing on Wednesday that fintech doesn't change the nature of the financial industry and regulators should be attentive to the risks and challenges of digitisation. Firms should be subject to the same supervision and risk management requirements as banks, he said. Licensed financial institutions should also assess the risks of their partners and are restricted from outsourcing their information technology, risk management and internal auditing.

    Full text: click here