Singapore

Anti-Money Laundering

MAS to Commence Bank AML Inspections Within Weeks – Report

By Editors | 18/10/2023

The inspections will target banks whose clients were among those charged in Singapore’s S$2.8bn money laundering case.

Conduct, Culture & Accountability

UOB Kay Hian Redesignates Director After SGX RegCo Queries

By Sanday Chongo Kabange | 18/10/2023

SGX RegCo questioned the director’s independence given his substantial shareholding in UOB Kay Hian and long association with the company.

Market Data & Technology

DSB Launches UPI Service, a Milestone for Derivatives Markets

By Manesh Samtani | 18/10/2023

The US, EU, UK, Australia and Singapore will all start requiring UPI reporting for OTC derivatives transactions in 2024.

Sustainable Finance

MAS Asks Firms to Pilot Transactions in “Transition Credits”

By Mark Johnston | 17/10/2023

Ravi Menon is seeking support from the industry to help develop transition credits that can be used to reduce the economic gap from retiring coal plants early.

AI Risk & Governance

US, Singapore to Deepen Collaboration on Responsible AI Innovation

By Editors | 17/10/2023

The US and Singapore completed a joint mapping exercise to make their AI governance frameworks interoperable.

Fraud, Scams & Cybercrime

MAS Issues Prohibition Orders Against Two Former Insurance Agents

By Editors | 16/10/2023

The former insurance representatives submitted a claim for a leg injury despite knowing it occurred before the insurance policy application.

Trading & Investment

Singapore, Shanghai to Collaborate on Asset Management

By Editors | 16/10/2023

IMAS and the Asset Management Association of Shanghai will collaborate to advance the development of their asset management industries.

Cryptocurrency

MAS Grants Major Payments Institution Licence to Upbit

By Editors | 16/10/2023

Upbit is South Korea’s largest crypto exchange. The group also has regulated digital asset exchanges in Indonesia and Thailand.

Cloud & Infrastructure

Singapore Data Centre Issue Causes DBS, Citibank Disruptions

By Editors | 16/10/2023

The Saturday disruption was caused by an issue at an Equinix data centre that is used by multiple organisations.