Monetary Authority of Singapore

AML / KYC

SG Police Probe 31 Individuals for China Official Impersonation Scams

By Ranamita Chakraborty | 19/04/2021

Victims were instructed to surrender money for fake investigations after being told their bank accounts were involved in money laundering activities.

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.