Monetary Authority of Singapore

AML / KYC

Singapore Announces New Initiatives to Support Family Offices

By Editors | 14/09/2023

The initiatives will help new family offices orientate themselves in Singapore and strengthen their financial crime compliance capabilities.

Crypto / Digital Assets

JPMorgan Seeks Regulatory Approval to Launch ‘Digital Deposit Token’

By Editors | 13/09/2023

The deposit token would represent a digital claim against a commercial bank deposit, and could be used for instant payments and settlements across the financial system.

Fintech / Regtech

MAS to Exempt Some Market Operators from ACH/RCH Rules

By Editors | 10/09/2023

The exemption applies to platforms that provide services to facilitate trading and settlement, but don’t actually act as a central counterparty of clear or settle trades centrally.

Crypto / Digital Assets

MAS Grants RMO Licence to Digital Asset Exchange AsiaNext

By Editors | 06/09/2023

AsiaNext, formed in 2021 as a joint venture between SBI Digital Asset Holdings and SIX Group, will cater exclusively to institutions.

Enforcement

MAS Imposes Lifetime Ban on Former Goldman Exec Roger Ng

By Editors | 05/09/2023

Roger Ng is banned from regulated activities in Singapore for life, due to his role in the theft of billions of dollars from 1MDB.

MAS to Get New Managing Director, Menon to Step Down

By Editors | 04/09/2023

Ravi Menon will step down from his role as managing director of MAS and retire from public service on 1 January 2024.

AML / KYC

MAS Offers New Guidance on BO Identification, Complex Structures

By Manesh Samtani | 01/09/2023

MAS inspections found “executional lapses” in this area as a result of “weak oversight” and “lack of risk awareness and vigilance”.

AML / KYC

MAS Issues Additional Guidance on Managing Sanctions Risk

By Manesh Samtani | 31/08/2023

The guidance covers board and senior management responsibilities and the use of look-back reviews of past transactions.

AML / KYC

Singapore AML Probe Expands to Precious Metals, Property Agents

By Manesh Samtani | 29/08/2023

MinLaw urged precious metals dealers to review their transactions and business relationships. The Council for Estate Agencies is investigating property agents.