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MAS Finalises New Rules for Insurers Managing Par Funds
By Editors | 22/11/2020
New requirements on how insurers offering participating insurance policies can charge expenses to Par funds will take effect on 1 January 2021.
Securities / Derivatives
Singapore Sees Regulatory Support for Bank-Issued Covered Bonds
By Editors | 18/11/2020
Moody’s Investors Service says the higher encumbrance limit set by MAS last month may increase covered bonds issuances, deepen the market and reduce refinance risks.
Market Infrastructure
Practical Tips for Compliance with Singapore’s IAC Guidelines
By Shuhui Kwok | 17/11/2020
Shuhui Kwok at Allen & Overy provides practical tips for FIs to consider when assessing the IAC Guidelines, their application and implementation.
Fintech / Regtech
BSP, MAS Declare Opposition to Data Localisation Requirements
By Editors | 16/11/2020
Data mobility in financial services supports economic growth, innovative financial services, risk management and compliance, BSP and MAS say in a joint statement.
AML / KYC
Philippine Authorities Probe Financial Transactions Linked to Wirecard
By Sanday Chongo Kabange | 11/11/2020
The National Bureau of Investigation is examining the financial transactions of a law firm office that appears to have provided legal services to Wirecard and Jan Marsalek.
Capital / Liquidity
Loan Loss Expectations Prompt Need for Collateral Visibility
By Editors | 11/11/2020
Collateral is one of the more underutilised credit risk mitigation tools available to banks, and likely to become more important as loan losses mount in the year ahead.
AML / KYC
MAS Proposes to Strengthen FIs’ Identity Verification Process
By Editors | 10/11/2020
The proposed Notice will prohibit FIs from relying on common personal information such as NRIC number, residential address and date of birth as the sole means of identity verification.
Market Infrastructure
FIs Need to Bolster Security Controls to Mitigate Cyber Risk: MAS
By Editors | 10/11/2020
FIs need to review the adequacy of their cyber risk mitigating measures and controls, including in relation to third-party vendors and open-source software.
Fintech / Regtech
MAS Announces Grant to Help Small FIs Adopt Reg Reporting Tech
By Editors | 09/11/2020
The grant provides funding support for smaller FIs to adopt regulatory reporting solutions from pre-approved providers – AxiomSL, KPMG Services and Wolters Kluwer.
Securities / Derivatives
CFTC Exempts More Singapore RMOs from SEF Registration
By Editors | 05/11/2020
The move brings the total number of exempted approved exchanges and recognised market operators authorised in Singapore to 13.
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