Singapore

AML / KYC

Singapore Plan to Unmask NRIC Numbers Raises Privacy Concerns

By Manesh Samtani | 17/12/2024

Singapore’s government says NRIC numbers will be made public and should be used the same way people use their names.

Fintech / Regtech

Revised Outsourcing Rules for Banks Take Effect in Singapore

By Manesh Samtani | 16/12/2024

Banks and merchant banks have to maintain a register of outsourced services and re-perform due diligence within 2 years of engaging a service provider.

AML / KYC

Scam Loss Sharing Framework Takes Effect in Singapore

By Manesh Samtani | 16/12/2024

The framework requires FIs and telcos to pay compensation to victims of phishing scams if they breach certain scam prevention duties.

Enforcement

SGX Reprimands RHT Capital for Breaching Sponsor Obligations

By Editors | 14/12/2024

RHT Capital failed to advise Y Ventures to promptly disclose that its financial statements contained material errors that were false and misleading

Singapore’s Temasek Establishes New Portfolio Dedicated to Private Credit

By Editors | 10/12/2024

Temasek said the move will enhance its ability to capture global private credit opportunities and shape a resilient and forward-looking portfolio.

Sanctions

DBS Expands Team Handling Russian Wealth Assets – Report

By Editors | 07/12/2024

DBS said every client is treated on his or her own merits and that the bank does not deal with sanctioned individuals.

Fintech / Regtech

MAS Issues Information Paper on AI Model Risk Management

By Nithya Subramanian | 06/12/2024

The paper sets out good practices for managing risks associated with AI, including GenAI, based on a thematic review of banks’ practices.

Fintech / Regtech

MAS Extends Deadline to Cease Corporate Cheque Processing

By Nithya Subramanian | 05/12/2024

MAS also launched a consultation paper proposing a roadmap to sunset corporate cheques and a transition plan for retail cheques.

ESG / Sustainability

MAS Issues Guidance for ESG Funds on Good Disclosure Practices

By Nithya Subramanian | 05/12/2024

The information paper aims to promote clear disclosures to help retail investors understand the key features and risks of ESG funds.