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Market Infrastructure
Singapore Industry Consultation Proposes to Discontinue SIBOR
By Manesh Samtani | 29/07/2020
Proposed reforms were found to display “noticeable differences in volatility and levels compared to SIBOR”, which will present challenges to industry adoption.
Capital / Liquidity
MAS Asks Singapore-headquartered Banks to Cap Dividends
By Editors | 29/07/2020
Locally-headquartered banks are asked to cap fiscal 2020 dividends as a pre-emptive measure to ensure sustained lending given “significant uncertainties” ahead.
Crypto / Digital Assets
Philippines Launches DLT-based Distribution of Retail Treasury Bonds
By Sanday Chongo Kabange | 29/07/2020
The launch of ‘Bonds.PH’ paves the way for the unbanked to affordably and easily invest in retail treasury bonds, said National Treasurer Rosalia V. De Leon.
AML / KYC
MAS Revokes Capital Markets Licence for AML Breaches
By Editors | 28/07/2020
Apical Asset Management lacked basic AML/CFT controls despite complex ownership structures used by some of its clients. Its two directors were reprimanded.
IBF-MAS Initiative to Enhance Capabilities of Family Office Advisors
By Editors | 27/07/2020
A newly launched skills map for family office advisors will help them to deepen their skillsets, expand their career pathways, and enhance Singapore’s family office ecosystem.
AML / KYC
MAS Penalises Asiaciti Trust for AML/CFT Failures
By Editors | 22/07/2020
Asiaciti Trust failed to put in place adequate procedures to establish source of wealth, and did not inquire into unusually large transactions by customers who were PEPs.
AML / KYC
MAS Seeks Expanded Powers to Address Financial Sector Risks
By Manesh Samtani | 21/07/2020
MAS proposes to expand its powers to issue prohibition orders, regulate virtual asset service providers, and impose technology risk management requirements on firms.
Market Infrastructure
MAS Planning Ahead to Avoid ‘Cliff Effect’ of Relief Withdrawal
By Editors | 16/07/2020
“Bank loans and insurance policy premiums will eventually have to be paid,” MAS’ Ravi Menon said, pointing to a need to avoid the ‘cliff effects’ of sudden relief withdrawal.
AML / KYC
OCBC Enables Banking Access Via SingPass Digital Identity
By Editors | 16/07/2020
OCBC’s Aditya Gupta says the use of SingPass as an alternate login for mobile and online banking will give more customers the confidence to bank digitally.
AML / KYC
APAC Regulators Driving Digital Transformation
By Rachel Woolley | 16/07/2020
The pandemic has made it abundantly clear that digital transformation is no longer optional, says Fenergo’s Rachel Woolley.
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