While money launderers and tax evaders have traditionally used offshore companies, some have shifted to onshore companies to evade detection.
Recognising the depth of the challenge posed by the new MAS 610 standard, AxiomSL decided that this industry challenge merited an innovative approach.
MAS and SGX RegCo have released a practice guide outlining five guiding principles for brokers to use in the review and design of their trade surveillance programmes.
At a regulatory briefing on Wednesday, SGX RegCo CEO Tan Boon Gin laid out the work ahead to enhance investor confidence and deter wrongdoing.
Sandbox Express entails an approval process of just 21 days before firms can start testing innovative financial products and services in a pre-determined environment.
An umbrella VCC needs to file a single corporate income tax return, regardless of the number of sub-funds. GST and stamp duty will be applied at the sub-fund level.
The legally binding cyber hygiene requirements must be implemented by all MAS regulated financial institutions by 6 August 2020.
The so-called ‘NSE IFSC-SGX Connect’ is set to become operational by end-2020, ending a dispute between the two exchanges.
Capital market licensees will have to record all client communications and capture their mobile device IDs. Foreign intermediaries will have to provide UBO information on request.
The updated guide offers best practices to ensure resiliency and recoverability while maximising the benefits FIs derive from cloud outsourcing arrangements, including for 'critical systems'.
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