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AML / KYC
MAS Penalises Bank J. Safra Sarasin for SoW/SoF Failures
By Manesh Samtani | 14/04/2021
The bank failed to establish the source of wealth and source of funds of customers and beneficial owners of higher-risk customers, MAS said.
ESG / Sustainability
IOSCO Forms Working Group to Aid IFRS Sustainability Project
By Editors | 31/03/2021
The MAS and US SEC will co-lead the new technical working group, which will help develop technical recommendations needed for new sustainability reporting standards.
ESG / Sustainability
Central Banks Should Embrace Innovation: Jacqueline Loh
By Editors | 29/03/2021
MAS’ Jacqueline Loh outlined several central bank-led innovation initiatives underway, including a project that will help quantify the ESG impact of investments and loan portfolios.
AML / KYC
MAS Offers New AML/CFT Guidance for VASPs
By Editors | 28/03/2021
MAS has identified several VASPs that have not come forward for licensing despite operating in Singapore or soliciting business from Singapore residents.
Capital / Liquidity
MAS Consults on Credit Risk Capital Requirements, Output Floor
By Editors | 28/03/2021
MAS is seeking feedback on draft standards relating to credit risk capital and output floor requirements which will start to take effect from 1 January 2023.
MAS, ABS Publish Guidance on Workplace Design Strategies
By Editors | 24/03/2021
Strategies and good practices presented in a newly published study are aimed at supporting FIs in building pandemic-resilient workplaces.
AML / KYC
Singapore Police Issue First Charges in Nickel Trading Fraud Case
By Editors | 22/03/2021
At least SGD 1 billion was invested for the purported sale and purchase of nickel, making the case one of the largest financial fraud cases in Singapore.
Enforcement
New York Court Reinstates SIBOR Manipulation Lawsuit
By Editors | 19/03/2021
The case is being reinstated to allow Fund Liquidation Holdings LLC to pursue claims against 18 banks on behalf of two defunct funds that initially launched the lawsuit.
Market Infrastructure
MAS Proposes Exemption Framework for Foreign Offices of FIs
By Editors | 15/03/2021
MAS is proposing to introduce an exemption framework for foreign head offices or branches that is similar to the proposed notified FRC framework issued in June 2020.
Enforcement
Singapore Court Jails, Fines Ex-Director for False Trading
By Editors | 15/03/2021
The former director of investment and corporate advisory firm WLA Regnum was jailed and fined for false trading and deceiving UOB Kay Hian.
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