Monetary Authority of Singapore

AML / KYC

MAS Issues AML Outsourcing Guidance for Capital Market Firms

By Editors | 15/07/2020

MAS found material lapses in outsourced AML/CFT controls, largely the result of poor assessment and due diligence processes, and lax oversight and monitoring.

AML / KYC

Sustainable Supply Chains and the Role Banks Play

By Editors | 14/07/2020

Incoming rules from the EU, UK, Singapore and Hong Kong highlight the need for banks to gain a better understanding of the third party and supply chain risks their customers face.

Fintech / Regtech

MAS, Temasek, JPM Complete Final Phase of Project Ubin

By Editors | 13/07/2020

The prototype that was built can integrate with other blockchain-based platforms and be used for cheaper, faster and safer cross-border payments and to settle foreign exchange transactions.

AML / KYC

Singapore Authorities Probe Two Companies with Wirecard Links

By Editors | 04/07/2020

Citadelle Corporate Services is said to have handled Wirecard monies without a trust business licence. Senjo Group is said to have falsified accounts.

Securities / Derivatives

Singapore Banks Join Forces to Reduce Commodity Lending Risk

By Editors | 02/07/2020

Some 20 banks in Singapore have set up a working group to propose new guidelines to improve lending practices and transparency for the commodity sector.

Securities / Derivatives

Wave of Fund Managers Looking to Set Up Singapore VCCs

By Editors | 01/07/2020

Up to 70 VCCs have already been launched in Singapore, many by small and boutique funds or local family offices. But a much larger wave of companies is on its way.

AML / KYC

UPDATED – Wirecard Fraud: A Timeline of Events

By Editors | 30/06/2020

Wirecard has filed for insolvency amid multiple probes. BaFin faces scrutiny for mishandling clear red flags. EY faces lawsuits for failing to catch the improprieties earlier.

ESG / Sustainability

A Detailed Look at MAS’ Environmental Risk Management Guidelines

By Grace Chong | 29/06/2020

Grace Chong at global law firm Simmons & Simmons JWS analyses the key points of MAS’ proposed Guidelines on Environmental Risk Management, and sets out the key practical steps to be taken.

ESG / Sustainability

MAS Consults on Environmental Risk Management Guidelines for FIs

By Manesh Samtani | 25/06/2020

The guidelines set out MAS’ supervisory expectations for banks, insurers and asset managers in their governance, risk management, and disclosure of environmental risk.