Singapore

AML / KYC

UOB Customer Data Gets Leaked In Impersonation Scam

By Editors | 13/05/2021

Scammers obtained personal information of over 1,000 of UOB’s Chinese customers with Singapore accounts by deceiving a bank employee.

Enforcement

Singapore Court Sentences Former Banker to Seven Years’ Jail

By Editors | 12/05/2021

The former UOB and OCBC banker promoted fictitious deposit and investment products to customers and then misappropriated the funds.

AML / KYC

MAS Consults on Proposed AML Notices for Foreign Offices, FRCs

By Manesh Samtani | 12/05/2021

MAS seeks comment on four notices, which contain requirements on record-keeping, internal policies, and the provision of records to MAS upon request.

Market Infrastructure

Technology Skills in Short Supply in Financial Sector: Menon

By Ranamita Chakraborty | 11/05/2021

A mismatch between demand and supply means that Singapore will have to continue to depend on foreigners to fill growing vacancies for technology jobs.

Enforcement

MAS Issues 10-Year Ban Against Individual for Dishonest Conduct

By Editors | 10/05/2021

The individual carried out fund management activities without holding a capital markets services licence, and later convicted of cheating and imprisoned.

Market Infrastructure

MAS Issues Revised Corporate Governance Guidelines for FIs

By Manesh Samtani | 09/05/2021

The guidelines provide good practices that financial institutions should observe in relation to their corporate governance and remuneration frameworks.

Enforcement

SGX RegCo Deploys AI & Machine Learning to Detect Risk

By Editors | 06/05/2021

SGX RegCo is adapting information from companies’ disclosures into structured data that can be more quickly analysed.

Fintech / Regtech

MAS Launches FinTech Hackcelerator Focused on Green Finance

By Editors | 06/05/2021

Fintech firms and solution providers are invited to submit innovative solutions to address any of 52 problem statements related to green finance.

Enforcement

Singapore Court Jails Former CFO for Loan Fraud

By Ranamita Chakraborty | 05/05/2021

The former CFO of Coastal Oil Singapore conspired with three colleagues to deceive 8 banks into disbursing over $300mn in loans.