Monetary Authority of Singapore

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.

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.

Market Infrastructure

UPDATED – 21 Digital Bank Licence Applications Received: MAS

By Editors | 07/01/2020

MAS will announce the successful applicants in June 2020. The new digital bank licencees will be expected to commence business by mid-2021.

Market Infrastructure

UPDATED – Known Applicants for Singapore Digital Bank Licences

By Manesh Samtani | 05/01/2020

Grab, Singtel, Razer, Ant Financial, V3 Group, EZ-Link, iFast Corporation, ByteDance, AMTD, Xiaomi, PhillipCapital, Temasek, Enigma Group and Singapura Finance are among applicants.

Market Infrastructure

Grab, SingTel Team Up to Apply for Singapore Digital Bank Licence

By Editors | 30/12/2019

Grab and Singtel will respectively hold a 60% and 40% stake in the new consortium entity, which will seek to serve both retail consumers and SMEs.

AML / KYC

MAS Adopts FATF Standards on VASPs in Payment Services Act

By Manesh Samtani | 28/12/2019

MAS has proposed amendments will align the Payment Services Act with the most recent enhancements to the FATF Standards in relation to virtual asset service providers.

AML / KYC

APAC Wealth Migration Trends Heighten Financial Crime Risk

By Joseph Quiazon | 28/12/2019

APAC regulators are looking to FIs and their technology to guard against increasingly sophisticated criminal activity as wealth migration accelerates, says Joseph Quiazon at Exiger.

Crypto / Digital Assets

MAS Consults on Application of Payment Services Act to Stablecoins

By Manesh Samtani | 26/12/2019

MAS seeks views on whether stablecoin holders deserve the same regulatory protections as e-money, and whether other regulations should be introduced to maintain price stability.