Singapore

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    PEPs & Sanctions

    Singapore Court Rules Against JPMorgan in Trade Sanctions Lawsuit

    By Manesh Samtani | 02/10/2023

    The Court of Appeal ruled that JPMorgan’s use of a sanctions clause to withhold payment on letters of credit was not contractually justified.

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    Structural Regulation

    Singapore: New CMFAS Exams to Commence from 1 April 2024

    By Editors | 30/09/2023

    The commencement date was announced in MAS’ response to a 2020 consultation on competency requirements for financial advisers and CMS licence holders.

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    CBDCs

    BIS Innovation Hub Concludes Project Mariana Trials

    By Editors | 29/09/2023

    The project explored the use of DeFi automated market makers for the cross-border exchange of CBDC in different currencies.

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    AI Risk & Governance

    How Should Financial Institutions Govern AI Usage?

    By Ranamita Chakraborty | 28/09/2023

    Ying Yi Liew from Baker McKenzie Wong & Leow discusses AI governance considerations for financial institutions in Singapore at the recent TechLaw.Fest.

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    Fraud, Scams & Cybercrime

    DBS, UOB Add Anti-Malware Feature to Banking Apps

    By Editors | 28/09/2023

    Last month, OCBC became the first Singapore bank to introduce the new security feature. Citi, DBS and UOB have now also added the feature.

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    Sustainable Finance

    MAS Proposes Approach to Financing Early Retirement of Coal Plants

    By Editors | 27/09/2023

    A new paper by MAS and McKinsey proposes the generation and sale of “transition credits” to reduce the economic gap from retiring a coal plant early.

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    Sustainable Finance

    Addressing Concern About SLBs With Enhanced Targets and Structure

    By Joanne Teo | 26/09/2023

    SGX RegCo’s Joanne Teo and Michael Tang discuss the use of sustainability-linked bonds to finance transition efforts and how to enhance the credibility of such instruments.

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    Data Privacy

    Data Protection in Focus as AI Usage Grows

    By Jill Wong | 25/09/2023

    AI usage has cast a spotlight on the importance of personal data protection, says Yeong Zee Kin, the newly-appointed CEO of the Singapore Academy of Law.

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    Anti-Money Laundering

    Singapore Banks Ramp Up Scrutiny of Risky Customers – Reports

    By Mark Johnston | 25/09/2023

    Singapore banks are red-flagging, reviewing, restricting and/or closing accounts of customers from China, Vanuatu, Dominica, Cyprus, Cambodia, Turkey, and St Kitts and Nevis.

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    Resolution & Recovery

    MAS Announces Decision to Increase Deposit Insurance Limit

    By Sanday Chongo Kabange | 24/09/2023

    MAS will increase the maximum deposit insurance coverage from the current S$75,000 to S$100,000, starting from 1 April 2024.

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