Singapore

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.

AML / KYC

PwC Concludes Review of OCBC Anti Fraud Systems

By Ranamita Chakraborty | 26/04/2022

A review of OCBC’s anti-fraud systems and procedures concluded that the bank should take a more “integrated approach” to combat fraud and scams.

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.

Enforcement

Singapore Court Jails Company Director for Cheating Three Banks

By Editors | 22/04/2022

The man used fake invoices in business loan applications to cheat OCBC, Maybank and UOB out of about SGD 2.6 million.

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.