Singapore

AML / KYC

MAS Proposes Framework for SFOs to Boost AML Measures

By Ranamita Chakraborty | 01/08/2023

The revised framework introduces a harmonised class exemption for single family offices (SFOs) with specific requirements to ensure that all SFOs are subject to anti-money laundering (AML) controls.

Fintech / Regtech

MAS Targets End to Corporate Cheques by 2025

By Editors | 31/07/2023

Singapore to eliminate corporate cheques by 2025 and transition users to e-payment solutions, amid rising cheque processing costs.

ESG / Sustainability

UK, Singapore Strengthen Cooperation in Sustainable Finance

By Ranamita Chakraborty | 28/07/2023

In a recent financial dialogue, both countries agreed to support the International Sustainability Standards Board in implementing sustainability reporting standards.

Crypto / Digital Assets

Singapore High Court Recognises Crypto as Personal Property

By Ranamita Chakraborty | 27/07/2023

The court ruled that holders of crypto assets have legally enforceable property rights under common law, marking a significant milestone in crypto case law globally.

AML / KYC

Singapore Police Issues Advisory on Investment Scams

By Editors | 20/07/2023

The Singapore Police Force said 498 victims lost at least S$25.5mn through investment scams since June.

Enforcement

MAS Issues Five Year Ban on Former Prudential Representative

By Editors | 20/07/2023

The former representative edited and submitted 11 false invoices to Prudential and deceived the company into making payouts to her clients.

Capital / Liquidity

Deposit Caps Raised for Singapore Digital Banks GXS, Maribank

By Editors | 19/07/2023

Grab’s GXS Bank and Sea’s Maribank have both increased the maximum deposit allowed in savings accounts from S$5,000 to S$75,000.

Enforcement

Singapore Imposes Record 19-Year Jail Term on Former Lawyer

By Editors | 18/07/2023

The case involves the misappropriation of S$76mn in clients’ funds over three years by the former lawyer, previously the managing partner of JLC Advisors LLP.

DBS Opens International Financial Services Centre Unit in India’s GIFT City

By Ranamita Chakraborty | 18/07/2023

More financial companies from Singapore are expected to enter India’s Gujarat International Finance Tec-City (GIFT City) following the launch of a new cross-border trading link between India and Singapore.