Monetary Authority of Singapore

Market Infrastructure

MAS Announces New Initiatives to Support SORA Adoption

By Editors | 05/08/2020

The initiatives aim to catalyse greater activity in SORA markets, safeguard the benchmark’s integrity and enhance market confidence in SORA.

Market Infrastructure

APAC Firms Lag in IBOR Transition Preparation – Report

By Manesh Samtani | 05/08/2020

Apart from G-SIBs operation in the region, APAC firms are not prepared for the transition away from IBORs, according to a new report from Sia Partners.

AML / KYC

MAS Issues Guidance on AML/CTF Enterprise-wide Risk Assessments

By Manesh Samtani | 04/08/2020

Financial institutions are directed to study the guidance to identify and address gaps in their EWRA frameworks and processes.

Market Infrastructure

MAS Awards StanChart Special Privileges for ‘Significant Rootedness’

By Manesh Samtani | 04/08/2020

The regulator also has plans to allow certain banks that are significantly rooted in Singapore to obtain full bank licences and set up digital-only subsidiaries.

ESG / Sustainability

Culture Audits: Removing the Blindfold

By Stephen Scott | 03/08/2020

To avoid individual liability, leaders along all Three Lines of Defence must identify indicators of non-financial risk that permit “upstream” interventions, say Stephen Scott and Mark Cooke.

Market Infrastructure

Singapore Industry Consultation Proposes to Discontinue SIBOR

By Manesh Samtani | 29/07/2020

Proposed reforms were found to display “noticeable differences in volatility and levels compared to SIBOR”, which will present challenges to industry adoption.

Capital / Liquidity

MAS Asks Singapore-headquartered Banks to Cap Dividends

By Editors | 29/07/2020

Locally-headquartered banks are asked to cap fiscal 2020 dividends as a pre-emptive measure to ensure sustained lending given “significant uncertainties” ahead.

Crypto / Digital Assets

Philippines Launches DLT-based Distribution of Retail Treasury Bonds

By Sanday Chongo Kabange | 29/07/2020

The launch of ‘Bonds.PH’ paves the way for the unbanked to affordably and easily invest in retail treasury bonds, said National Treasurer Rosalia V. De Leon.

AML / KYC

MAS Revokes Capital Markets Licence for AML Breaches

By Editors | 28/07/2020

Apical Asset Management lacked basic AML/CFT controls despite complex ownership structures used by some of its clients. Its two directors were reprimanded.