Singapore

AML / KYC

Singapore Court Fines Secretary Over North Korea Shipments

By Editors | 22/07/2020

The secretary pleaded guilty to three charges under the United Nations Act involving the shipment of luxury items to North Korea for her employer.

AML / KYC

MAS Penalises Asiaciti Trust for AML/CFT Failures

By Editors | 22/07/2020

Asiaciti Trust failed to put in place adequate procedures to establish source of wealth, and did not inquire into unusually large transactions by customers who were PEPs.

Securities / Derivatives

Singapore: ACRA Proposes Amendments to Companies Act

By Editors | 22/07/2020

An ACRA working group recommends reforms to facilitate digitalisation, review financial reporting requirements, and safeguard shareholders’ interests, among other proposals.

Securities / Derivatives

SGX, Nasdaq Agree to Streamline Dual Listing Process

By Editors | 21/07/2020

Under the agreement, information previously filed with the US SEC or Nasdaq can be used to fulfil documentary requirements for a dual listing in Singapore.

AML / KYC

MAS Seeks Expanded Powers to Address Financial Sector Risks

By Manesh Samtani | 21/07/2020

MAS proposes to expand its powers to issue prohibition orders, regulate virtual asset service providers, and impose technology risk management requirements on firms.

Market Infrastructure

MAS Planning Ahead to Avoid ‘Cliff Effect’ of Relief Withdrawal

By Editors | 16/07/2020

“Bank loans and insurance policy premiums will eventually have to be paid,” MAS’ Ravi Menon said, pointing to a need to avoid the ‘cliff effects’ of sudden relief withdrawal.

AML / KYC

OCBC Enables Banking Access Via SingPass Digital Identity

By Editors | 16/07/2020

OCBC’s Aditya Gupta says the use of SingPass as an alternate login for mobile and online banking will give more customers the confidence to bank digitally.

AML / KYC

APAC Regulators Driving Digital Transformation

By Rachel Woolley | 16/07/2020

The pandemic has made it abundantly clear that digital transformation is no longer optional, says Fenergo’s Rachel Woolley.

AML / KYC

MAS Issues AML Outsourcing Guidance for Capital Market Firms

By Editors | 15/07/2020

MAS found material lapses in outsourced AML/CFT controls, largely the result of poor assessment and due diligence processes, and lax oversight and monitoring.