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Singapore
Fraud, Scams & Cybercrime
MAS, IMDA Propose Loss Sharing Framework for Phishing Scams
By Manesh Samtani | 25/10/2023
The framework assigns FIs and telcos duties to mitigate phishing scams, requiring them to bear full losses where these duties are breached.
AI Risk & Governance
Asia Braces for Wave of AI Regulations
By Blake Evans-Pritchard | 25/10/2023
The EU AI Act is likely to have far-reaching consequences for Asia, data experts tell Regulation Asia.
Fraud, Scams & Cybercrime
ABS Says Anti-Scam Measures Have Been Effective
By Editors | 25/10/2023
Banks prevented more than S$57mn in scams in the first nine months of 2023, and are applying discretionary goodwill frameworks to cushion victims.
Structural Regulation
MAS to Streamline Regulatory Regime for Fund Managers
By Editors | 24/10/2023
The RFMCs regime will be repealed. Existing RFMCs will transition to become Licensed Fund Management Companies instead.
Cryptocurrency
SG Court Allows Attaching of Tokenised Freeze Order to Crypto Wallets
By Editors | 24/10/2023
A court-issued freeze order was tokenised as NFTs and attached to wallets linked to a crypto hack.
Operational Risk
Singapore’s DBS Experiences Digital Payment Service Disruption
By Editors | 21/10/2023
The 20 October disruption to the bank’s PayLah service came less than a week after a weekend outage that lasted more than 12 hours.
Conduct, Culture & Accountability
MAS Bans Former AXA and Aviva Financial Advisers
By Editors | 20/10/2023
The former advisers were banned for allowing unlicensed individuals to perform financial advisory services on their behalf.
Operational Risk
MAS Instructs DBS, Citi to Investigate Delayed Recovery from Outage
By Editors | 19/10/2023
The banks took longer than the required four hours to recover from last Saturday’s outage. MAS said it will take appropriate supervisory actions after gathering the necessary facts.
Fraud, Scams & Cybercrime
Singapore Prosecutors Establish Technology and Crypto Crime Task Forces
By Editors | 19/10/2023
Singapore’s Attorney General’s Chambers has established a Technology Crime Task Force and Virtual Currency Task Force.
Cloud & Infrastructure
MAS to Cooperate with Saudi Central Bank on Fintech
By Editors | 19/10/2023
MAS and SAMA will enable cooperation between their innovation departments and share information regarding fintech.
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