Monetary Authority of Singapore

Enforcement

MAS Punished 17 FIs for Breaching AML/CFT Laws in 5 Years

By Karen Ng | 07/07/2023

A total of 20 investigations have been conducted during the time frame 1 June 2018 to 23 June 2023

Crypto / Digital Assets

DBS Launches e-CNY Merchant Collection Solution

By Editors | 07/07/2023

DBS plans to build on the launch of the e-CNY solution to explore new digital payment solutions, including cross-border CBDC payments.

Capital / Liquidity

Singapore Revises Tax Incentives for SFOs

By Ranamita Chakraborty | 07/07/2023

The Monetary Authority of Singapore is looking to encourage single family offices (SFOs) to “deploy their capital more purposefully to benefit Singapore and the region”.

ESG / Sustainability

Singapore’s SRAC Recommends ISSB-Aligned Climate Reporting

By Ranamita Chakraborty | 06/07/2023

Singapore’s sustainability reporting advisory committee studied ISSB’s exposure draft closely and consulted several stakeholders before making major climate reporting recommendations, chairperson Esther An told Regulation Asia.

AML / KYC

MAS Reports USD22.8 Billion Net Loss For FY2022/23

By Ranamita Chakraborty | 06/07/2023

MAS announced a net loss of SGD 30.8 billion (USD 22.8 billion), reflecting the effects of monetary policy tightening to bring down inflation.

Crypto / Digital Assets

MAS to Require Trust Holding of DPT Customers’ Assets

By Jill Wong | 04/07/2023

MAS says the move is aimed at preventing the loss of customers’ assets and to facilitate a recovery in the event of a DPT provider’s insolvency.

Lawrence Wong Appointed Chairman of MAS Board

By Editors | 03/07/2023

Lawrence Wong will replace Tharman Shanmugaratnam, who will step down to run in Singapore’s upcoming presidential election.

AML / KYC

MAS Highlights Misuse of Legal Persons through Data Analytics

By Jill Wong | 03/07/2023

The MAS has published a paper to guide banks in using data analytics to detect and prevent the use of front companies to conceal illicit activities.

Market Infrastructure

Singapore Finalises Approach for Transitioning SIBOR Loans to SORA

By Manesh Samtani | 30/06/2023

Recommendations finalised for how adjustment spreads should be set for converting SIBOR loans to a SORA reference rate.