Singapore

AML / KYC

Singapore Government Publishes New National CTF Strategy

By Editors | 09/10/2022

A national risk assessment found remittance agents and banks to be the most vulnerable. MAS will develop new guidance for both sectors.

AML / KYC

ACRA Implements Requirements to Disclose Nominees, Controllers

By Editors | 08/10/2022

Local and foreign companies are required to maintain a register of nominee shareholders, and lodge information on their controllers with ACRA.

AML / KYC

Singapore Passes Amendments to Accountants Act

By Manesh Samtani | 06/10/2022

ACRA is empowered to conduct inspections on accounting entities, compel them to remediate lapses identified, and impose sanctions when necessary.

ESG / Sustainability

MAS Launches ESG Impact Hub, New Advisory Panel

By Sanday Chongo Kabange | 06/10/2022

At launch, 15 ESG fintechs and organisations are already set up at the Hub – including CDP, Climate Impact X, KPMG, MUFG, and STACS.

AML / KYC

Singapore Passes Amendments to Business Trusts Act

By Editors | 05/10/2022

Unlisted business trusts will have to obtain and maintain information on the beneficial owners of units, and provide this information to authorities upon request.

ESG / Sustainability

MAS Announces Initiatives to Promote Blended Finance

By Editors | 05/10/2022

S$5mn in grants will fund innovations in blended finance. The GFANZ APAC Network will develop guidance for FIs on phasing out coal power.

Market Infrastructure

MAS Issues Guidance for Feeder ETFs Participating in Shenzhen Link

By Editors | 04/10/2022

Through the SZSE-SGX ETF Link, a Singapore-constituted feeder ETF can invest up to 100 percent of its NAV into an SZSE-listed master ETF.

Singapore Tightens Mortgage Rules to Ensure Prudent Borrowing

By Editors | 03/10/2022

Lenders will have to assume higher interest rates when assessing borrowers’ repayment ability. The LTV limit for HDB housing loans has been lowered.

Enforcement

Enhanced Penalties for Data Breaches Take Effect in Singapore

By Editors | 02/10/2022

Organisations with annual turnover exceeding S$10mn are liable for penalties for data breaches worth up to 10% of annual turnover.