The Australian Prudential Regulation Authority (APRA) has undergone several initiatives over the last few years to make its standards and guidance simpler, clearer, and more adaptable.
In a culmination of these efforts, APRA has now launched its digital framework, taking shape as its digital “Prudential Handbook”.
The Monetary Authority of Singapore (MAS) is taking aim. Anti-Money Laundering (AML) and Combating the Financing of Terrorism (CFT) are squarely in the regulator’s sights with three recent updates.
MAS’ latest enforcement report (January 2022 and June 2023) detailed $12.96m in civil penalties imposed and $7.88m in financial fines and compositions imposed - the highest since MAS Enforcement Reports began their publication in 2019.
The long-awaited Financial Accountability Regime (FAR Bill) will come into effect for the Australian banking industry on 15 March 2024 and for the Australian superannuation and insurance industries on 15 March 2025.
The 2023 Singapore FinTech Festival (SFF2023) brought a hive of activity and excitement to the region. Financial and compliance leaders came in droves to connect, share ideas, and learn about the latest developments across the financial and regulatory landscapes.
MAS enforcement actions between January 2022 and June 2023 include 136 cases opened, 39 criminal convictions, and SGD$20.8m in financial penalties. These figures show significant increases in enforcement actions over the previous 18-month reporting period (1 Jul 2020 - 21 Dec 2021).
