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.
Key financial industry stakeholders to co-create guide setting out key principles, best practices to strengthen governance, reduce data misuse risks.
The bank’s Singapore branch and trust unit failed to adequately assess and mitigate risks that clients were trying to avoid CRS reporting obligations.
In a speech at Money 20/20 Asia, MAS managing director Ravi Menon spoke about the promise of blockchain technology and containing cryptocurrency risks; AML/CTF risks present a "clear and present danger".
Financial institutions will be allowed to decline MAS requests for previously-submitted data; new regulatory returns to be submitted in machine-readable formats.
Advisory group will develop best practices for the industry, including more inclusive, skills-based hiring policy.
MAS and CAD will consolidation investigative resources and expertise for all capital market and financial advisory offences, effective 17 March.
Move follows MAS consultation on moving all OTC derivatives contracts onto organised markets.