Singapore

Enforcement

SG Police Make Series of Arrests Targeting Scam Syndicates

By Editors | 24/08/2022

4 were arrested over phishing scams targeting bank customers, and another 13 as part of a joint operation with Malaysian police.

Enforcement

MAS Penalises Former UOBKH Representative for False Trading

By Editors | 19/08/2022

The former UOB Kay Hian trading representative committed false and unauthorised trading for a client who was himself sentenced in March 2021.

Enforcement

Wirecard-related Charges Filed in Singapore, Philippines

By Editors | 18/08/2022

The charges in Singapore are for criminal breach of trust and money laundering. A bank official in the Philippines was indicted.

Crypto / Digital Assets

Crypto Firm Hodlnaut Applies for Judicial Management in Singapore

By Editors | 18/08/2022

The alternative of forced liquidation would be a “suboptimal solution” that would require Hodlnaut to sell users’ cryptocurrencies at “depressed asset prices”.

AML / KYC

Singapore Proposes Mandatory SMS Sender Registration to Combat Scams

By Darien Choong | 18/08/2022

IMDA proposes a transition period from October until the end of this year to give organisations time to register their sender IDs.

Securities / Derivatives

Investment Funds Increasingly Setting Up as Singapore VCCs

By Editors | 17/08/2022

Singapore has reportedly been welcoming more than a dozen investment funds every month under the VCC regime.

Crypto / Digital Assets

MAS Rescinds IPA Granted to Crypto Lender Hodlnaut

By Editors | 11/08/2022

Hodlnaut froze withdrawals, token swaps and deposits on its platform on Monday to focus on stabilising its liquidity and preserving assets.

Capital / Liquidity

MAS Revises Notice to Implement IRRBB Disclosure Requirements

By Editors | 09/08/2022

The revised Notice 637 will take effect from 1 January 2023, implementing the revised Pillar 3 disclosure requirements for IRRBB.

Fintech / Regtech

MAS Sets Out Expectations on Third Party Risk Management 

By Editors | 08/08/2022

MAS conducted thematic inspections on the operational risk management standards and practices of selected banks, with a focus on third party risk management.