Singapore

ESG / Sustainability

Singapore Taskforce Issues Climate Disclosure Guide for FIs

By Editors | 19/05/2021

GFIT also announced a framework for green trade finance and published a roadmap to scale green finance in the real estate, infrastructure, fund management and transition sectors.

Enforcement

SG Police Issue Cheating Charges in Nickel Trading Fraud Case

By Editors | 18/05/2021

With the latest charges, Ng Yu Zhi now faces a total of 18 counts of cheating, fraudulent trading and forgery. He will return to court on 28 June.

Market Infrastructure

Is Asia Ready for the End of LIBOR?

By Li Renn Tsai | 17/05/2021

Li Renn Tsai compares progress in Asia’s main trading hubs, warning of a logjam of transition-related operational work that will pile up towards year-end.

Market Infrastructure

MAS to Expand Scope of Mandatory Reference Check Regime

By Manesh Samtani | 16/05/2021

MAS proposes to expand the scope of FIs and employees subject to the mandatory reference checking regime. FIs will have to maintain records for all employees.

AML / KYC

US DOJ Penalises Swiss Life for Facilitating Tax Evasion

By Editors | 16/05/2021

Swiss Life and its subsdiaries created and marketed insurance products specially designed for US persons seeking to hide offshore assets and evade tax.

AML / KYC

Singapore: Former BP Director Jailed on Corruption Charges

By Editors | 14/05/2021

The former regional director was also ordered to pay a penalty of SGD 6.2 million and faces additional money laundering charges.

AML / KYC

UOB Customer Data Gets Leaked In Impersonation Scam

By Editors | 13/05/2021

Scammers obtained personal information of over 1,000 of UOB’s Chinese customers with Singapore accounts by deceiving a bank employee.

Enforcement

Singapore Court Sentences Former Banker to Seven Years’ Jail

By Editors | 12/05/2021

The former UOB and OCBC banker promoted fictitious deposit and investment products to customers and then misappropriated the funds.

AML / KYC

MAS Consults on Proposed AML Notices for Foreign Offices, FRCs

By Manesh Samtani | 12/05/2021

MAS seeks comment on four notices, which contain requirements on record-keeping, internal policies, and the provision of records to MAS upon request.