Singapore

AML / KYC

Singapore Court Imposes 9 Year Jail Sentence for IRAS Fraud

By Editors | 10/03/2022

230 companies, mostly dormant and shell companies, were used to submit 400 fraudulent applications claiming tax breaks.

Market Infrastructure

CSA Singapore to Update Cybersecurity Act, Code of Practice

By Sanday Chongo Kabange | 09/03/2022

The updates will seek to address ransomware, cloud and 5G technology risks faced by critical information infrastructure sectors including banking & finance.

Securities / Derivatives

Best Execution Requirements Come into Force in Singapore

By Manesh Samtani | 08/03/2022

MAS finalised the best execution requirements in September 2020, giving firms an 18-month transitional period for compliance.

AML / KYC

IMDA Starts Onboarding Banks to New SMS SenderID Registry

By Editors | 08/03/2022

IMDA has begun onboarding banks and other organisations on the new system, which will prevent spoofed SMS text messages from being sent upfront.

AML / KYC

SGX Issues Directions to Listed Issuers on Sanctions Compliance

By Manesh Samtani | 08/03/2022

Gazprom’s GDR listing on SGX has been suspended. Issuers are directed to suspend trading if they are subject to sanctions or engaging in sanctioned business dealings with Russia.

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.

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.

ESG / Sustainability

UK, Singapore Bolster Cooperation on Data Flows, Financial Services

By Editors | 01/03/2022

The UKSDEA promotes free flows of data between the UK and Singapore including in financial services. Both countries will work towards recognising each other’s digital identity systems.

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.