RegTech Asia 2020: Trends, Review and Outlook
How has the regtech industry has weathered the Covid-19 storm and provided support to global initiatives designed to keep our economies moving? From 2-3 September, RegTech Asia 2020 brought together industry experts in an online forum to provide a comprehensive overview of the key regulatory issues impacting Asia-Pacific and the technology solutions that offer support. In the opening panel, Daniel Flatt, Contributing Editor at Regulation Asia, spoke to experts to find out how
The pandemic as a catalyst for healthcare transformation
The implications of COVID have touched everyone. Whether that's directly from catching the disease, or having your liberties curtailed in order to protect others, the simple matter of the fact is, aside from the most isolated of societies, everyone has been affected. All industries have also had to adapt, from airlines trying to navigate global travel restrictions, to local coffee shops having to transform to a take-away model. Few however, have seen first-hand the direct imp
MAS ‘closely studying' reports on 'FinCEN' leak that mentioned Singapore banks in suspic
The Monetary Authority of Singapore (MAS) said on Monday (Sep 21) it is “closely studying” media reports mentioning Singapore banks in potentially suspicious transactions that were flagged to authorities in the United States. In response to CNA’s queries, it added that it will take “appropriate action” based on the outcome of its review. Over the weekend, media reports, citing leaked secret documents that were confidential reports made to the US government, said global banks
FinCEN Files: HSBC moved Ponzi scheme millions despite warning
HSBC allowed fraudsters to transfer millions of dollars around the world even after it had learned of their scam, leaked secret files show. Britain's biggest bank moved the money through its US business to HSBC accounts in Hong Kong in 2013 and 2014. Its role in the $80m (£62m) fraud is detailed in a leak of documents - banks' "suspicious activity reports" - that have been called the FinCEN Files. HSBC says it has always met its legal duties on reporting such activity. The fi
Asset Tokenisation: a solution searching for a problem?
For many, the term ‘tokenisation’ doesn’t ring bells outside the broader scope of data security, but in the financial world, this solution will revolutionise how we see, invest in, and interact with assets forever. Tokenisation is poised to cause major disruption in numerous industries, specifically the financial industry, to the extent that businesses and organisations who neglect action now, risk watching their competitors ‘zoom past them’ later. In October of 2019, Sygnum,
Regulation, Tech & a special look into Healthcare
It is a common refrain that “regulation is back”. While many will dispute that it ever went away, it does seem true that the nature and level of industry-specific regulation has ebbed and flowed over time. In the modern era, we can chart the laissez-faire, “big bang” approach of the 1980s, through the global financial crash circa-2008, to the supposed “tech-lash” of today. In the here and now, the intersection between information technology, core business practices and regula
Citi becomes first US bank to win custody prize in China
Wall Street bank receives licence at a time of rapid growth in mainland funds market Citi’s entry into the market comes despite rising tensions between Beijing and Washington Citigroup has become the first US bank to receive a fund custody licence in China, allowing it to provide a core service to global asset managers as they rush to participate in the opening up of the country’s financial sector. The New York-based bank said on Wednesday that the licence — which allows it a
The year-on-year cost of compliance. Are we now less compliant than ever?
As we venture into the fourth quarter of this unprecedented year, still many uncertainties loom over the heads of businesses, large and small alike, as to what the futures of our covid-stricken economies may look like. On one hand the cost of AML compliance fines for q1 & q2 of 2020 alone amounted to a figure exceeding US$706 million according to Duff & Phelps, which when placed in comparison to 2019’s full year total of US$444 million, looks like a sharp uptick in global com
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