Singapore

AML / KYC

Singapore Police Issues Advisory on Investment Scams

By Editors | 20/07/2023

The Singapore Police Force said 498 victims lost at least S$25.5mn through investment scams since June.

Enforcement

MAS Issues Five Year Ban on Former Prudential Representative

By Editors | 20/07/2023

The former representative edited and submitted 11 false invoices to Prudential and deceived the company into making payouts to her clients.

Capital / Liquidity

Deposit Caps Raised for Singapore Digital Banks GXS, Maribank

By Editors | 19/07/2023

Grab’s GXS Bank and Sea’s Maribank have both increased the maximum deposit allowed in savings accounts from S$5,000 to S$75,000.

Enforcement

Singapore Imposes Record 19-Year Jail Term on Former Lawyer

By Editors | 18/07/2023

The case involves the misappropriation of S$76mn in clients’ funds over three years by the former lawyer, previously the managing partner of JLC Advisors LLP.

DBS Opens International Financial Services Centre Unit in India’s GIFT City

By Ranamita Chakraborty | 18/07/2023

More financial companies from Singapore are expected to enter India’s Gujarat International Finance Tec-City (GIFT City) following the launch of a new cross-border trading link between India and Singapore.

AML / KYC

Singapore Shaken by Rare Corruption Probe

By Editors | 17/07/2023

A government minister and a prominent property tycoon were arrested and released on bail last week.

AML / KYC

Singapore ACIP Issues Guidance on Managing Crypto-Related ML/TF Risk

By Manesh Samtani | 17/07/2023

FIs are encouraged to actively identify customers with a nexus to cryptocurrencies, and to apply EDD where ML/TF and sanctions risks are assessed to be higher.

Enforcement

Singapore Jails Four on False Trading, Deception Convictions

By Editors | 14/07/2023

The four were convicted for their involvement in a scheme to manipulate the price of Catalist-listed Koyo International between 2014 and 2016.

Fintech / Regtech

Singapore Digital Banks Urge MAS to Lift Caps on Deposits

By Editors | 14/07/2023

Grab’s GSX Bank and  Sea’s MariBank say the deposit cap imposed on new digital banks is hindering their ability to expand and lend.