Singapore

AML / KYC

MAS Proposes to Strengthen FIs’ Identity Verification Process

By Editors | 10/11/2020

The proposed Notice will prohibit FIs from relying on common personal information such as NRIC number, residential address and date of birth as the sole means of identity verification.

Market Infrastructure

FIs Need to Bolster Security Controls to Mitigate Cyber Risk: MAS

By Editors | 10/11/2020

FIs need to review the adequacy of their cyber risk mitigating measures and controls, including in relation to third-party vendors and open-source software.

Market Infrastructure

SGX to Launch New Derivatives, Expand CME Clearing Relationship

By Manesh Samtani | 09/11/2020

SGX is launching five new equity futures contracts based on FTSE Russell indices. Two of the contracts will be available under SGX’s mutual offset system with CME Group.

Fintech / Regtech

SGX Enables SingPass Authentication for CDP Transactions

By Editors | 09/11/2020

The introduction of SingPass offers CDP customers better convenience and security when they transact online, and forms part of SGX’s ‘CDP Goes Digital’ initiative.

Fintech / Regtech

MAS Announces Grant to Help Small FIs Adopt Reg Reporting Tech

By Editors | 09/11/2020

The grant provides funding support for smaller FIs to adopt regulatory reporting solutions from pre-approved providers – AxiomSL, KPMG Services and Wolters Kluwer.

Securities / Derivatives

CFTC Exempts More Singapore RMOs from SEF Registration

By Editors | 05/11/2020

The move brings the total number of exempted approved exchanges and recognised market operators authorised in Singapore to 13.

Fintech / Regtech

MAS Targets Market Abuse, Misconduct, AML Control Breaches

By Editors | 04/11/2020

In its latest enforcement report, MAS highlights its work to strengthen early detection of market misconduct, including through Apollo, an augmented intelligence system.

Relief Available to S-REITs, SMEs Harmed by Re-align Framework: MAS

By Editors | 04/11/2020

While financial contracts are excluded from the Framework, some SMEs and S-REITs may be adversely impacted by the legislative measures.

AML / KYC

MAS to Discontinue S$1,000 Note to Prevent Money Laundering

By Editors | 03/11/2020

Large denomination notes allow individuals to carry large values of money anonymously, and can facilitate money laundering and other illicit activities, MAS says.