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AML / KYC
MAS Hits Former Credit Suisse Banker with Prohibition Orders
By Editors | 07/05/2018
Former representative deliberately concealed identity of beneficial owner on three accounts, making it difficult for the bank to monitor and detect suspicious transactions.
Market Infrastructure
Singapore to Mandate Central Clearing of OTC Derivatives
By Editors | 02/05/2018
Mandatory clearing to apply to SGD and USD fixed-floating interest rate swaps; applicable to banks with OTC derivatives exceeding SGD20 bn.
Enforcement
Singapore Raises Accountability, Conduct Standards at FIs
By Garima Chitkara | 30/04/2018
MAS has released guidelines on promoting individual accountability of senior managers, strengthening employee oversight, and embedding ‘proper conduct’ standards at financial institutions.
Fintech / Regtech
Singapore, Vietnam Sign Fintech, Banking Supervision Agreement
By JP Reimann | 26/04/2018
The central banks have agreed on a partnership to encourage fintech innovation and strengthen banking supervision.
Capital / Liquidity
Asia to Miss Key 2018, 2019 Basel III Deadlines – BIS report
By Garima Chitkara | 26/04/2018
Most Asian jurisdictions are behind on implementing counterparty credit risk measures, capital for CCP exposures as well as TLAC, IRRBB and LEX requirements.
AML / KYC
Banks Should Implement Wolfsberg KYC Initiative – MAS
By JP Reimann | 23/04/2018
MAS urges Singaporean banks to incorporate Wolfsberg due diligence questionnaire in risk assessment processes relating to correspondent banking relationships.
Fintech / Regtech
Singapore Moves Towards Open Banking Without Regulatory Mandate
By Garima Chitkara | 16/04/2018
MAS chief data officer says data sharing between financial firms will happen “organically” without need for regulatory mandate; may release guidelines on ethical data practices.
Capital / Liquidity
Singapore Issues TLAC Consultation
By Editors | 12/04/2018
Monetary Authority aims to bring Singapore in line with Basel III capital treatment of capital holdings from January next year.
Capital / Liquidity
Singapore Bank Resolution Regime Favours Bailouts Over Credit Bail-ins – Moody’s
By Garima Chitkara | 05/04/2018
Singapore regulations favour bailouts over creditor bail-ins as bail-in buffers only comprise 1-2% of Singapore bank assets, says Moody’s.
Fintech / Regtech
MAS Guidance on AI, Data Analytics In The Works
By Editors | 04/04/2018
Key financial industry stakeholders to co-create guide setting out key principles, best practices to strengthen governance, reduce data misuse risks.
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