Monetary Authority of Singapore

AML / KYC

Singapore Releases AML/CTF Best Practice Papers

By Karen Chiu | 17/05/2018

MAS-CAD industry partnership on AML/CFT released best practices papers to help financial institutions guard against trade-based money laundering and the misuse of company structures for illicit purposes.

Fintech / Regtech

IOSCO Meets to Discuss Investor Protection, Emerging Risks

By JP Reimann | 15/05/2018

Board to develop support framework to help members address impact of ICOs on investor protection; agree to launch ‘Fintech Network’ to facilitate collaboration on fintech.

Enforcement

SFC Signs Enhanced MoU on Cross Border Enforcement Cooperation

By JP Reimann | 13/05/2018

Enhanced IOSCO framework enables securities regulators to obtain and share audit working papers, telephone, internet records; compel attendance at interviews; provide guidance on freezing of assets.

Fintech / Regtech

Singapore Fast Tracks AI Adoption in Financial Sector

By JP Reimann | 08/05/2018

MAS partners with government agency, media regulator and professional body to promote adoption of AI products and services in financial sector.

AML / KYC

MAS Hits Former Credit Suisse Banker with Prohibition Orders

By Editors | 07/05/2018

Former representative deliberately concealed identity of beneficial owner on three accounts, making it difficult for the bank to monitor and detect suspicious transactions.

Market Infrastructure

Singapore to Mandate Central Clearing of OTC Derivatives

By Editors | 02/05/2018

Mandatory clearing to apply to SGD and USD fixed-floating interest rate swaps; applicable to banks with OTC derivatives exceeding SGD20 bn.

Enforcement

Singapore Raises Accountability, Conduct Standards at FIs

By Garima Chitkara | 30/04/2018

MAS has released guidelines on promoting individual accountability of senior managers, strengthening employee oversight, and embedding ‘proper conduct’ standards at financial institutions.

Fintech / Regtech

Singapore, Vietnam Sign Fintech, Banking Supervision Agreement

By JP Reimann | 26/04/2018

The central banks have agreed on a partnership to encourage fintech innovation and strengthen banking supervision.

AML / KYC

Banks Should Implement Wolfsberg KYC Initiative – MAS

By JP Reimann | 23/04/2018

MAS urges Singaporean banks to incorporate Wolfsberg due diligence questionnaire in risk assessment processes relating to correspondent banking relationships.