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AML / KYC
Singapore: Revolut, Luno Get In-Principle Approval to Offer DPT Services
By Editors | 02/05/2022
MAS managing director Ravi Menon described the licensing process as necessarily stringent for Singapore to be a responsible global crypto hub.
AML / KYC
MAS Issues Guidance on Uplifting Name Screening Systems
By Manesh Samtani | 30/04/2022
MAS observed an overreliance on system vendors to set the screening parameters. Most FIs did not enquire about or assess vendors’ information sources.
Enforcement
MAS Offers Update on Major Ongoing Investigations
By Editors | 29/04/2022
MAS’ latest enforcement report includes a new section providing updates on cases relating to Noble Group, Hyflux, Eagle Hospitality Trust, and Hui Xun Asset Management.
Trust in Singapore Banking Industry is Increasing: ABS
By Manesh Samtani | 26/04/2022
ABS highlighted banks’ efforts to improve complaints handling, tackle digital scams, and enhance accountability, conduct and culture.
Enforcement
MAS Penalises Two CIMB Securities Brokers for False Trading
By Editors | 26/04/2022
The two brokers rigged the market for Kris Wiluan, who was convicted and fined in May 2021 for manipulating the stock prices of KS Energy where he was CEO.
Enforcement
MAS Consults on Revised Misconduct Reporting Requirements
By Manesh Samtani | 24/04/2022
Misconduct reports will have to be submitted to MAS within 21 calendar days after an FI has found reasonable grounds to believe that misconduct has been committed.
Crypto / Digital Assets
Asset Managers Should Put Customers at Heart: SGX
By Manesh Samtani | 21/04/2022
At the IMAS Digital Summit 2022, SGX CEO Loh Boon Chye discussed the exchange’s approach to digital assets and technology adoption.
ESG / Sustainability
ABS Launches Environmental Risk Questionnaire for Banks
By Editors | 21/04/2022
The ABS has launched an industry standard template to help banks engage corporate clients in the assessment and mitigation of environmental risk issues.
AML / KYC
20 Year Old Pleads Guilty in OCBC Phishing Scam Case
By Editors | 20/04/2022
The individual worked with other youths to provide overseas syndicates control of bank accounts that were used to receive and dissipate funds obtained through scams.
Securities / Derivatives
Singapore Tightens Requirements for Family Office Tax Breaks
By Editors | 19/04/2022
The new requirements are expected to slow the market’s growth but over time attract larger and more wealthy families to set up in Singapore.
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