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Search Results for: Singapore

10 results out of 759 results found for 'Singapore'.

HIGH DEMAND FOR TRAINED AML PROFESSIONALS IS KEEPING PAY LEVELS HEALTHY



 

WITH anti-money laundering and combating the financing of terrorism (AML/CFT) controls becoming ever more comprehensive, strategic and widespread, the demand for trained AML/CFT professionals is growing. Salaries are increasing, as a result. This good compensation reflects the fact that AML work is becoming increasingly demanding because of regulatory requirements, said Michael Harris, director, financial crime compliance, at LexisNexis Risk Solutions.…

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ASIAN REGULATORY ROUND UP – HONG KONG AND CHINA STRIKE DEAL OVER ACCESS TO AUDIT WORKING PAPERS



A MEMORANDUM of understanding (MoU) has been signed by the Hong Kong Securities and Futures Commission (SFC) with China’s ministry of finance and the China Securities Regulatory Commission (CSRC) boosting SFC access to audit working papers from audits of HK-listed mainland companies.…

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SWITZERLAND RAISES AML/CFT GAME AS 1MDB SCANDAL CONTINUES TO HARM ITS BANKS



In April (2019), Switzerland’s highest court (the federal tribunal) ordered that Zurich-based Falcon Private Bank hand over Swiss Francs CHF2.5 million (USD2.5 million to Switzerland’s Financial Market Supervisory Authority (FINMA) for its involvement in the global money laundering (ML) scandal involving state-owned Malaysian investment fund, 1Malaysia Development Bhd (1MDB).…

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REGULATORS STARTING TO ENCOURAGE FINANCIAL INSTITUTIONS TO EXPERIMENT WITH AI MONITORING OF SUSPICIOUS TRANSACTIONS



Regulators have started to actively encourage financial institutions to experiment and use machine learning to detect suspicious activity.

US regulatory authorities have called for innovative approaches to meet AML compliance obligations “to further strengthen the financial system against illicit activity”.

In a joint statement, the Board of Governors of the Federal Reserve System; the Federal Deposit Insurance Corporation; USA FIU the Financial Crimes Enforcement Network (FinCEN); the National Credit Union Administration, and the Office of the Comptroller of the Currency announced their support for innovative technology development last December.…

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REGULATORS STARTING TO ENCOURAGE FINANCIAL INSTITUTIONS TO EXPERIMENT WITH AI MONITORING OF SUSPICIOUS TRANSACTIONS



Regulators have started to actively encourage financial institutions to experiment and use machine learning to detect suspicious activity.

US regulatory authorities have called for innovative approaches to meet AML compliance obligations “to further strengthen the financial system against illicit activity”.

In a joint statement, the Board of Governors of the Federal Reserve System; the Federal Deposit Insurance Corporation; USA FIU the Financial Crimes Enforcement Network (FinCEN); the National Credit Union Administration, and the Office of the Comptroller of the Currency announced their support for innovative technology development last December.…

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JAPAN CLOTHING BRANDS’ PAST SOURCING DIVERSIFICATION HAS PROTECTED THEM FROM US-CHINA TRADE WAR



JAPAN clothing brands have protected themselves in advance against exposure from the US-China trade war by decreasing their reliance on China-based manufacturing outposts in recent years. This sourcing diversification has occurred initially because of rising costs in China.

According to the Japan Apparel Fashion Industry Council (JAFIC), this movement away from Japan means the impact on Japanese textile and apparel companies from US tariffs imposed by the Trump administration on China-made exports would be “slight”.…

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BANGLADESH PLOTS DIGITAL PRINTING EXPANSION, AS TRAINED PERSONNEL BECOME MORE AVAILABLE



BANGLADESH’S major textile and clothing manufacturers are pumping millions of dollars into digital printing, encouraged by the lure of better margins, cost savings and shorter lead times, industry watchers say.

With conventional textile printing losing its prominence, the country’s top textile producers have spent around USD30 million buying European and Asian digital printing machinery in the past three to four years, industry experts have told Digital Textile.…

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GLOBAL AML/CFT REGIME’S EFFECTIVENESS IN DOUBT AS ITS 30TH BIRTHDAY APPROACHES



This July is the 30th anniversary of the Financial Action Task Force (FATF), which developed its 40 recommendations on anti-money laundering (AML) and nine special recommendations on combating the financing of terrorism (CFT) – but the jury is still out on whether the AML/CFT system it has created is really working.…

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VIETNAM SEEKS TO BOOST FABRIC PRODUCTION SO GARMENT-MAKERS CAN PROSPER FROM CPTPP DEAL



The Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) took effect in December 2018, incrementally bringing down import tariffs for Vietnamese garments in a market with 495 million consumers across 11 countries.

But Vietnamese garment-makers are struggling to reduce costs to deliver pricing that is competitive enough to make the most of CPTPP.…

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SUB-SAHARAN AFRICA AIRPORT SECTOR EXPANDS AS AIR TRAFFIC PUSHES FACILITIES TOWARDS CAPACITY LIMITS



AFRICA is without doubt the continent to watch for airport and air traffic control investment in the future. It is the world’s second most populous continent (home to more than 1.2 billion people), and according to Airports Council International (World) – ACI World – Africa was the fastest growing region for air passenger traffic in 2017 and 2018, which rose 6.3% in 2017 year-on-year and 10.8% in 2018 to June year-to-date, year-on-year.…

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