MAS partners with government agency, media regulator and professional body to promote adoption of AI products and services in financial sector.
Former representative deliberately concealed identity of beneficial owner on three accounts, making it difficult for the bank to monitor and detect suspicious transactions.
Mandatory clearing to apply to SGD and USD fixed-floating interest rate swaps; applicable to banks with OTC derivatives exceeding SGD20 bn.
MAS has released guidelines on promoting individual accountability of senior managers, strengthening employee oversight, and embedding 'proper conduct' standards at financial institutions.
The central banks have agreed on a partnership to encourage fintech innovation and strengthen banking supervision.
Most Asian jurisdictions are behind on implementing counterparty credit risk measures, capital for CCP exposures as well as TLAC, IRRBB and LEX requirements.
MAS urges Singaporean banks to incorporate Wolfsberg due diligence questionnaire in risk assessment processes relating to correspondent banking relationships.
MAS chief data officer says data sharing between financial firms will happen “organically” without need for regulatory mandate; may release guidelines on ethical data practices.
Monetary Authority aims to bring Singapore in line with Basel III capital treatment of capital holdings from January next year.
Singapore regulations favour bailouts over creditor bail-ins as bail-in buffers only comprise 1-2% of Singapore bank assets, says Moody's.