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AML / KYC
Singapore Sanctions Four Russian Banks, Imposes Other Restrictions
By Manesh Samtani | 06/03/2022
FIs that have relationships with the four banks must freeze their assets. DPT service providers are prohibited from facilitating sanctions evasion with crypto and NFTs.
Securities / Derivatives
SFC’s New Rules on Bookbuilding & Placing Activities: What to Know
By Alan Linning | 02/03/2022
Alan Linning and Susanne Harris explain the new requirements and offer guidance on next steps for intermediaries to prepare for compliance by August.
AML / KYC
MAS Issues New AML/CFT Notices for Financial Institutions
By Manesh Samtani | 02/03/2022
The Notices cover activities involving precious stones and metals, services and transactions involving digital payment tokens, and risk assessments on shell companies.
Capital / Liquidity
MAS Introduces Liquidity Requirement for Recognised Market Operators
By Editors | 01/03/2022
Effective from 28 March, RMOs will have to hold at least 25 percent of their annual operating costs in cash and cash equivalents.
AML / KYC
Singapore, Korea, Switzerland Announce Sanctions Against Russia
By Manesh Samtani | 01/03/2022
Singapore will block certain Russian banks and financial transactions connected to Russia. Major Singapore banks are already restricting trade financing for Russian commodities.
Enforcement
MAS Bans Former OCBC Representative for Five Years
By Editors | 24/02/2022
The former representative was convicted of forgery in the State Courts last year, leading MAS to believe she would not perform financial advisory services honestly.
ESG / Sustainability
Singapore Govt, MAS to Extend Support for Businesses
By Editors | 21/02/2022
MAS is extending its SGD facility to support SME lending. Singapore will target net zero emissions by or around 2050, which was previously the target for halving emissions.
Securities / Derivatives
Singapore Has No Plans to Restrict Retail Investment in SPACs
By Darien Choong | 20/02/2022
Regulatory safeguards and educational efforts mounted by SGX should provide “adequate protection for retail investors and enable them to assess the risk-return trade-offs”.
Fintech / Regtech
Singapore Continues Work to Bolster Digital Banking Security
By Darien Choong | 18/02/2022
New measures include expanding the use of biometric technology, strengthening fraud surveillance and detection algorithms, and enabling customers to trigger account freezes.
Fintech / Regtech
NFTs Are Not Suitable for Retail Investors, MAS Chairman Warns
By Manesh Samtani | 17/02/2022
MAS chairman Tharman Shanmugaratnam said NFTs could be regulated only if they are used to represent capital markets products.
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