Singapore

AML / KYC

OCBC Speeds Up Criminal Probes Through Automated System ‘POET’

By Editors | 03/02/2020

‘POET’ digitally receives and responds to investigation requests with minimal human intervention, allowing OCBC to respond to law enforcement requests within 1-2 working days.

AML / KYC

Singapore’s Payment Services Act Comes Into Force

By Manesh Samtani | 28/01/2020

The PS Act gives MAS formal supervisory powers over technology, cybersecurity and AML/CFT controls at payment services firms, including cryptocurrency and e-wallet companies.

Market Infrastructure

Singapore, Brunei Central Banks to Expand Cooperation

By Editors | 23/01/2020

MAS and AMBD have committed to new areas of cooperation, including financial sector development, cross-border supervision, crisis management and AML/CFT.

Fintech / Regtech

Digital Identities: A Game Changer for Singapore Banking

By Jamie Lloyd Evans | 21/01/2020

Industry veteran Jamie Lloyd Evans discusses the introduction of digital identities in Singapore, and what it could mean for banking.

MAS Alerts Financial Institutions to Microsoft Windows Vulnerabilities

By Editors | 20/01/2020

The vulnerabilities could allow malicious files or applications to bypass detection from security applications and gain control of the computer systems.

Enforcement

MAS Issues First Penalty for Shareholder Disclosure Breach

By Editors | 20/01/2020

An investor was fined S$200,000 for failing to disclose that he had become a substantial shareholder in a Catalist-listed company, and for subsequent disclosure rule breaches.

AML / KYC

MAS Publishes Responses to VCC Consultation Papers

By Editors | 16/01/2020

VCCs are required to engage an Eligible Financial Institution, or EFI, to perform necessary AML/CFT checks and maintain the register of controllers, nominee directors and beneficial owners.

Securities / Derivatives

SGX Proposes Tighter Auditing, Property Valuation Standards

By Editors | 16/01/2020

Foreign issuers may appoint foreign auditors, but an ACRA-registered firm must also serve as a joint auditor. Standards for property valuations by issuers are also being raised.

ESG / Sustainability

Singapore Launches New VCC Framework for Funds

By Manesh Samtani | 15/01/2020

To mark the launch, 20 investment funds have established or re-redomiciled in Singapore as VCCs. To encourage adoption, MAS will fund up to 70% of eligible expenses to set up a VCC.