Monetary Authority of Singapore

AML / KYC

MAS Proposes Amendments to Misconduct Reporting Regime

By Garima Chitkara | 12/07/2018

Proposed changes aim to provide greater clarity on requirements and reduce errors in the submission of misconduct reports; reference checks to be mandatory when recruiting staff.

Market Infrastructure

AxiomSL Announces Completion of Open Taxonomy to Streamline MAS 610 Compliance

By Manesh Samtani | 09/07/2018

Industry initiative has condensed over 300,000 data points required by MAS 610 into 1,000 reuseable business concepts, simplifying and streamlining compliance with the reporting mandate.

Enforcement

MAS Reprimands Asset Manager for Late Regulatory Submissions

By Manesh Samtani | 08/07/2018

Annual declarations, auditor reports and director change notifications were submitted up to three years late by Taiyo Asset Management; director found guilty of misconduct for failure to implement compliance controls.

Fintech / Regtech

Singapore Accelerates Shift to Digital Economy

By Manesh Samtani | 21/06/2018

MAS board member Ong Ye Kung pledges to eliminate cheque usage by 2025, while also reducing the need for ATM cash withdrawals, through increased adoption of e-payments.

Fintech / Regtech

HK Virtual Bank Licence Offers Nothing New for Local Market

By Peter Guy | 20/06/2018

The HKMA and its new regulations fail to recognise that virtual banking has long existed. Redundant and irrelevant rules only hold back fintech development in Hong Kong.

Fintech / Regtech

MAS 610 a Top Concern for Singapore Banks in 2019 – Report

By Manesh Samtani | 15/06/2018

High granularity data for new reporting regime requires reporting of approx. 300,000 data elements, the top concern for Singapore banks next year, according to Wolters Kluwer survey.

Enforcement

FS-ISAC Establishes Global Forum for Cyber Threat Information Sharing

By Garima Chitkara | 14/06/2018

Inaugural global community CERES Forum to bring together financial regulators, central banks and supervisors to combat cyber and physical crime, enhancing financial sector resiliency.

Securities / Derivatives

Singapore to Introduce New Corporate Structure For Funds

By Garima Chitkara | 07/06/2018

S-VACC, Singapore’s new investment firm structure, will come into effect by next year and will help boost synergies between firm management and domiciliation, according to MAS managing director.

Fintech / Regtech

Singapore, India Establish Joint Working Group on FinTech

By Karen Chiu | 06/06/2018

Joint working group to foster closer fintech cooperation, including through real-time cross border fund transfers and links between payment system operators.