Monetary Authority of Singapore

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    Enforcement

    MAS Instructs DBS, Citi to Investigate Delayed Recovery from Outage

    By Editors | 19/10/2023

    The banks took longer than the required four hours to recover from last Saturday’s outage. MAS said it will take appropriate supervisory actions after gathering the necessary facts.

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    Fintech / Regtech

    MAS to Cooperate with Saudi Central Bank on Fintech

    By Editors | 19/10/2023

    MAS and SAMA will enable cooperation between their innovation departments and share information regarding fintech.

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    ESG / Sustainability

    MAS Issues Net Zero Transition Planning Guidelines for FIs

    By Manesh Samtani | 19/10/2023

    Banks, insurers, and asset managers must “actively support” borrowers, insured parties, and investee companies to progressively decarbonise.

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    AML / KYC

    MAS to Commence Bank AML Inspections Within Weeks – Report

    By Editors | 18/10/2023

    The inspections will target banks whose clients were among those charged in Singapore’s S$2.8bn money laundering case.

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    ESG / Sustainability

    MAS Asks Firms to Pilot Transactions in “Transition Credits”

    By Mark Johnston | 17/10/2023

    Ravi Menon is seeking support from the industry to help develop transition credits that can be used to reduce the economic gap from retiring coal plants early.

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    Fintech / Regtech

    US, Singapore to Deepen Collaboration on Responsible AI Innovation

    By Editors | 17/10/2023

    The US and Singapore completed a joint mapping exercise to make their AI governance frameworks interoperable.

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    Enforcement

    MAS Issues Prohibition Orders Against Two Former Insurance Agents

    By Editors | 16/10/2023

    The former insurance representatives submitted a claim for a leg injury despite knowing it occurred before the insurance policy application.

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    Securities / Derivatives

    Singapore, Shanghai to Collaborate on Asset Management

    By Editors | 16/10/2023

    IMAS and the Asset Management Association of Shanghai will collaborate to advance the development of their asset management industries.

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    Crypto / Digital Assets

    MAS Grants Major Payments Institution Licence to Upbit

    By Editors | 16/10/2023

    Upbit is South Korea’s largest crypto exchange. The group also has regulated digital asset exchanges in Indonesia and Thailand.

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    Singapore Data Centre Issue Causes DBS, Citibank Disruptions

    By Editors | 16/10/2023

    The Saturday disruption was caused by an issue at an Equinix data centre that is used by multiple organisations.

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