MONETARY AUTHORITY OF SINGAPORE

AML / KYC

APAC Regulators Form New Anti-Scam Working Group

By Sanday Chongo Kabange | 04/06/2024

ASIC will lead the working group, which also comprises MAS and the FMA. The regulators will share more scam-related information and build up capacity and cooperation.

Securities / Derivatives

MAS Issues Guidelines for New Derivatives Reporting Regime

By Manesh Samtani | 03/06/2024

The guidelines focus on UTI generation and reporting, as well as re-reporting of contracts that haven’t yet matured when the new regime takes effect.

MAS Expands Fair Dealing Guidelines to Include All FIs

By Nithya Subramanian | 31/05/2024

The new guidelines apply to all FIs operating in Singapore, regardless of where they are incorporated or where customers are located.

Fintech / Regtech

MAS Observes Data Governance Gaps at Some Banks

By Nithya Subramanian | 30/05/2024

Banks that underwent thematic inspections on their data governance and management have taken or are taking remedial actions.

AML / KYC

Singapore Publishes Environmental Crimes ML Risk Assessment

By Nithya Subramanian | 30/05/2024

Singapore is assessed to be at medium-low risk for money laundering linked to environmental crimes.

Fintech / Regtech

MAS Released New Project MindForge Whitepaper

By Editors | 28/05/2024

Building on the FEAT Principles and Veritas Methodology, the paper introduces a “platform-agnostic” reference architecture for responsible GenAI adoption.

Enforcement

MAS Bans Three Insurance Agents for Falsifying Records

By Nithya Subramanian | 27/05/2024

Three former Prudential insurance agents falsified records and furnished false information to the regulator.

AML / KYC

A Radical Re-think on Combatting Trade Based Money Laundering

By Kelvin Toh | 24/05/2024

Kelvin Toh discusses the factors hindering current efforts to combat TBML, and what more can be done to combat this activity.

Crypto / Digital Assets

Ghana Completes Cross-border eCedi Transaction With Singapore

By Nithya Subramanian | 21/05/2024

Transactions were made on a decentralised network using a Singapore dollar stablecoin and Ghana’s new digital currency, the eCedi.