Monetary Authority of Singapore

Trade Based Money Laundering

Singapore: New Platform Targets AML Risks in Trade Finance

By Editors | 09/09/2019

The new electronic platform enables banks to obtain and reference data derived from trade permits issued by Singapore Customs to augment their trade finance compliance checks.

Payments & Settlements

Singapore Streamlines Payment Firms’ Access to Legal Services

By Editors | 09/09/2019

The initiative will help connect the payments industry with specialist law firms through a streamlined process to help them comply with the new Payment Services Act.

Cloud & Infrastructure

MAS Proposes New Format for Reporting Financial Advisor Complaints

By Editors | 05/09/2019

Collecting data in a machine-readable format will increase efficiency by removing the need for manual processes and reducing the risk of human errors, MAS says in a consultation paper.

Structural Regulation

Singapore Takes Steps to Transition Away from SOR

By Editors | 02/09/2019

Singapore’s banking body and foreign exchange market committee have identified SORA as “the most robust and suitable” alternative interest rate benchmark to SOR.

Structural Regulation

MAS Opens Applications for Digital Bank Licences

By Editors | 30/08/2019

Successful applicants will be announced in mid-2020, with the expectation that they meet MAS requirements and commence business by mid-2021.

Data Privacy

Uncovering the Terms and Conditions for Technology

By Max Kantelia | 27/08/2019

Legislators and industry leaders need to work together to ensure the benefits of innovation do not come at the cost of fairness, choice, and privacy, says Zilliqa co-founder Max Kantelia.

Credit Risk

MAS Offers Banks Guidance on Managing Loan Collateral

By Editors | 24/08/2019

In a review of collateral management standards and practices banks use when lending to corporates, MAS has identified four key areas that need improvement.

Credit Risk

Singapore Large Exposures Rules to Take Effect in Oct 2020

By Editors | 22/08/2019

MAS published a draft large exposures framework in early 2018, trying to meet the BCBS timeline for adoption in January 2019. The final rules will now take effect in October next year.

Anti-Money Laundering

NTU Singapore to Develop New Tools to Fight Money Laundering

By Editors | 22/08/2019

Supported by the MAS and Singapore’s major banks, the project seeks​ to help wealth managers address money laundering risks with new AI and machine learning capabilities.