Singapore

Fraud, Scams & Cybercrime

Singapore Imposes Record 19-Year Jail Term on Former Lawyer

By Editors | 18/07/2023

The case involves the misappropriation of S$76mn in clients’ funds over three years by the former lawyer, previously the managing partner of JLC Advisors LLP.

Structural Regulation

DBS Opens International Financial Services Centre Unit in India’s GIFT City

By Ranamita Chakraborty | 18/07/2023

More financial companies from Singapore are expected to enter India’s Gujarat International Finance Tec-City (GIFT City) following the launch of a new cross-border trading link between India and Singapore.

Anti-Bribery & Corruption

Singapore Shaken by Rare Corruption Probe

By Editors | 17/07/2023

A government minister and a prominent property tycoon were arrested and released on bail last week.

Anti-Money Laundering

Singapore ACIP Issues Guidance on Managing Crypto-Related ML/TF Risk

By Manesh Samtani | 17/07/2023

FIs are encouraged to actively identify customers with a nexus to cryptocurrencies, and to apply EDD where ML/TF and sanctions risks are assessed to be higher.

Market Abuse

Singapore Jails Four on False Trading, Deception Convictions

By Editors | 14/07/2023

The four were convicted for their involvement in a scheme to manipulate the price of Catalist-listed Koyo International between 2014 and 2016.

Capital Adequacy

Singapore Digital Banks Urge MAS to Lift Caps on Deposits

By Editors | 14/07/2023

Grab’s GSX Bank and  Sea’s MariBank say the deposit cap imposed on new digital banks is hindering their ability to expand and lend.

Climate Risk

Majority of SGX-Listed Firms Embrace Climate Reporting Initiatives

By Editors | 13/07/2023

New report shows two-thirds of SGX listed companies have embarked on climate reporting initiatives.

Model Risk

Temasek Posts USD 5.5 Billion Net Loss on IFRS 9 Regulations

By Karen Ng | 12/07/2023

The Singapore government’s investment arm said its USD 5.46 billion net loss for the year ended March 2023 was due to the IFRS 9 requirement to account for unrealised mark-to-market losses on sub-20 percent investments.

KYC & CDD

MAS, Cambodia Ink MOU for Financial Transparency Corridor

By Karen Ng | 12/07/2023

The MOU aims to to enhance financial transparency and promote trade and cross-border financial services for small and medium enterprises (SMEs).