Topic: Conduct regulation

Singapore issues first conduct framework

In a long-awaited development, the Monetary Authority of Singapore has published guidelines on senior managers’ conduct – firing the starting gun on a new phase of self-scrutiny for firms operating in the city-state.

10 September 2020

False statements and disclosure issues fuel Scotiabank’s market manipulation settlements

US authorities have slapped Canada’s Scotiabank with harsh penalties in a market manipulation case, in part because of its failure to reveal the full extent of wrongdoing when voluntarily disclosing the matter.

02 September 2020

Latvia ramps up AML push with fresh guidance

Latvia’s banking regulator has announced new anti-money laundering and counter-terrorism financing guidance, after fining local outfit Signet Bank €906,000 for AML failings.

26 August 2020

Mexican regulator “overwhelmed” as Banco Famsa collapses

Mexico’s National Banking and Securities Commission (CNBV) has been “alarmingly” slow in responding to applications from new financial institutions and “lacks senior technocrats to answer the more complex questions”, as it takes heat over the collapse of domestic lender Banco Famsa.

21 August 2020

Baoshang bankruptcy a “compliance wake-up call” in China

China’s central bank has announced that it will allow troubled Baoshang Bank to become the first commercial lender to file for bankruptcy in China since 2001, in a move that could prompt other lenders to “step up” their risk assessments and internal audits amid growing non-performing loan portfolios.

10 August 2020

UBS loses bid to dismiss Libor collusion claims

An English court has denied UBS’s request to throw out a lawsuit filed by US regulator FDIC, which accuses the bank of colluding with 11 rivals to lowball US dollar Libor.

05 August 2020

Singapore’s MAS seeks expanded powers

The Monetary Authority of Singapore has issued a proposal seeking new powers to regulate crypto-asset providers and cybersecurity risks, and to expand its ability to issue prohibition orders.

22 July 2020

Regulatory round-up – AML/CFT outsourcing in Singapore; naming and shaming in China; buffers in Jamaica

Singapore’s capital markets intermediaries have come under fire for their outsourcing practices for anti-money laundering/counter-financing (AML/CFT) obligations; a Chinese regulator has published a list of misbehaving bank shareholders; and Jamaica is considering introducing a counter-cyclical capital buffer.

16 July 2020

Malta mulls regulatory shakeup as ECB revokes another banking licence

Malta is considering giving its prudential and conduct regulator new supervisory and investigative anti-money laundering powers, as the ECB terminates a local bank’s licence over AML failings.

10 July 2020

Deutsche fined US$150 million over Epstein ties

New York’s state financial regulator has fined Deutsche Bank over its relationship with the late Jeffrey Epstein – the first regulatory action against a financial institution over its connections to the disgraced financier and sex offender – and to two controversial foreign banks.

08 July 2020

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