Singapore

Industry veteran Jamie Lloyd Evans discusses the introduction of digital identities in Singapore, and what it could mean for banking.

The vulnerabilities could allow malicious files or applications to bypass detection from security applications and gain control of the computer systems.

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.

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.

Foreign issuers may appoint foreign auditors, but an ACRA-registered firm must also serve as a joint auditor. Standards for property valuations by issuers are also being raised.

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.

Imran Kassim became the first Singapore national to be charged for terrorism financing last April, but is the second to be convicted and sentenced.

Regulation Asia sat down with Natalie Curtis, Partner at Herbert Smith Freehills, to understand MAS' new framework on individual accountability and conduct, ahead of its formal introduction expected in early 2020.

The ABS listings due diligence guidelines and independence requirements have been incorporated into SGX's mainboard listing rules.

A new risk-based approach to quarterly reporting and stronger continuous disclosure requirements will apply from 7 February. The new whistleblowing office has also been established.