The AMLC has urged lawmakers to quickly pass legislative amendments to address AML/CTF deficiencies to avoid being grey- or black-listed by the FATF.
A FICO survey finds that only 18% of APAC banks have a strategic plan to converge their fraud and AML compliance functions, despite some 71% believing it will help fight financial crime.
The new mutual fund scheme was initiated by the Finance Ministry, offering tax incentives to encourage investors to save and invest.
While Singaporean banks have sufficient loss-absorption buffers to withstand pressure, the impact will depend on the extent and duration of the outbreak.
A yearlong grace period on loan repayments is reportedly being offered by banks to companies in the tourism sector, exporters, importers and retailers.
Fragmented approaches to sustainable finance may ultimately undermine the development of sustainable finance through increased complexity and lack of coordination.
Short selling was halted to stop panic selling after the first two cases of Covid-19 were detected in the country. Separately, the central bank has introduced 5 new policy measures.
The move is aimed at achieving more balanced capital flows and at easing the strength of the Thai baht, which hurt the domestic economy last year.
The relief measures may include grace periods for rediscounting loans, staggered booking of credit losses, non-imposition of penalties for reserve deficiencies, and non-recognition of loan defaults.
The OJK has temporarily halted new registrations from fintech firms to dedicate its supervisory resources on ensuring the quality of existing firms.