Jurisdictions are increasingly seeking guidance on implementing legislation to ensure the enforceability of close-out netting, the "single most important risk mitigation tool in derivatives markets".
The new standards complement the ASEAN Green Bond Standards introduced last year. A new framework also announced will facilitate cross-border movement of investment advisers.
The setup cost of the KYC utility exceeds the savings banks would be able to achieve, MAS managing director Ravi Menon told Bloomberg.
Online FIs required to verify client identities, monitor terrorist organisations and activities, properly store client information and transaction records, and report large-value and suspicious transactions.
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