AML / KYC

Singapore Toughens Penalties for AML/CTF Offences

21/11/2018

Penalties are being raised for AML/CTF offences and failures to file suspicious transaction reports, while Singapore also expands on its arrangements with foreign FIUs.

Market Infrastructure

Some Aspects of Post-Crisis Reform Disincentivise Central Clearing

20/11/2018

A joint report from the FSB, BCBS, CPMI and IOSCO confirms earlier findings that some aspects of post-GFC reform may not incentivise central clearing of OTC derivatives.

Market Infrastructure

MAS, Central Banks Explore Alternative Models for Cross-Border Payments

20/11/2018

The central banks of Singapore, Canada and England jointly released a report discussing emerging opportunities for digital transformation in cross-border payments.

AML / KYC

MAS Payment Services Bill Finalised, Tabled in Parliament

19/11/2018

The Bill aims to provide a more conducive environment for innovation in payment services, while ensuring that risks across the payments value chain are mitigated.

Market Infrastructure

New Zealand Banks Must Address Risks from Sales-Linked Incentives – FMA

19/11/2018

The FMA expects banks to change sales-linked incentives, or explain how they will strengthen controls to address the risk of inappropriate sales.

AML / KYC

Taiwan’s Progress Impresses APG, Despite Some Shortcomings

19/11/2018

The APG was reportedly impressed by Taiwan’s performance during its third round of mutual evaluations, which concluded last week.

Market Infrastructure

FSB Issues Progress Report on Interest Rate Benchmark Reform

15/11/2018

The FSB notes progress to strengthen major IBORs and identify RFRs and other alternative reference rates, highlighting actions taken in Australia, Hong Kong and Singapore.

Market Infrastructure

SGX to Launch New T+2 Securities Settlement System from 10 December

14/11/2018

Among several other enhancements, moving from a T+3 to a T+2 settlement cycle will harmonise Singapore with stock markets in Australia, the EU, Hong Kong and the US.

Fintech / Regtech

MAS Issues Guidance on Responsible Use of AI, Data Analytics

13/11/2018

MAS managing director Ravi Menon announced the release of the Fairness, Ethics, Accountability & Transparency, or FEAT, Principles at the Singapore Fintech Festival.