Big Picture

Temasek Posts USD 5.5 Billion Net Loss on IFRS 9 Regulations

12/07/2023

The Singapore government’s investment arm said its USD 5.46 billion net loss for the year ended March 2023 was due to the IFRS 9 requirement to account for unrealised mark-to-market losses on sub-20 percent investments.

Fintech / Regtech

Thailand Sets Up Central Fraud Registry

12/07/2023

AI technology will be used, via the new registry, to help banks prevent suspicious accounts from completing fraudulent transactions.

AML / KYC

MAS, Cambodia Ink MOU for Financial Transparency Corridor

12/07/2023

The MOU aims to to enhance financial transparency and promote trade and cross-border financial services for small and medium enterprises (SMEs).

Enforcement

Singapore’s Cyber Security Agency Inks MOU in Cybercrime Fight

11/07/2023

The Cyber Security Agency of Singapore aims to protect financial institutions against cybercrime through information sharing and preparation against cyber-attacks.

Enforcement

MAS Urges Banks to Stop Use of SMS OTP

10/07/2023

The MAS is urging banks to move away from the sole reliance on SMS OTP as the only authentication factor for transactions.

Capital / Liquidity

China Unveils Regulatory Framework for Private Equity Funds

10/07/2023

China unveils a formalised framework for regulating its USD 2.9 trillion private equity industry.

Enforcement

MAS Punished 17 FIs for Breaching AML/CFT Laws in 5 Years

07/07/2023

A total of 20 investigations have been conducted during the time frame 1 June 2018 to 23 June 2023

AML / KYC

FATF to Bring “Fundamental Change” to Financial Crime Fight

06/07/2023

FATF would scale up its fight against financial crime and bring comfort to victims through better asset recovery.

Enforcement

Singapore Has Not Banned Myanmar Trade: Minister

05/07/2023

Singapore and war-torn Myanmar would remain trading partners, Vivian Balakrishnan said in response to questions raised about data suggesting the city-state was supplying arms to the Myanmar military.