Singapore

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    Supervision & Enforcement

    Singapore Lays Three More Charges Against Hyflux Founder

    By Editors | 07/05/2023

    Singapore’s Public Accountants Oversight Committee has also issued orders against Hyflux auditors from KPMG LLC for five years of financial statements.

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    Operational Risk

    MAS Imposes Additional Capital Surcharge on DBS for Outages

    By Editors | 05/05/2023

    A new disruption on 5 May prevented users from accessing digital banking, mobile wallet, brokerage, and ATM services.

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    Cloud & Infrastructure

    Singapore Fintechs to Get Support for Australia Expansion

    By Editors | 02/05/2023

    The SFA and Austrade signed an MoU that will help fintechs expand across borders. Support will be provided by Enterprise Singapore, HSBC and AWS.

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    Cybersecurity

    Singapore, US Run Cross-border Cybersecurity Exercise

    By Editors | 02/05/2023

    US Treasury and MAS tested information exchange protocols and incident response coordination for cyber incidents involving banks operating in both jurisdictions.

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    Anti-Money Laundering

    Singapore: 1st Phase of Financial Services and Markets Act Commences

    By Editors | 01/05/2023

    The first phase covers general powers over FIs, powers regarding AML/CTF, and dispute resolution schemes.

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    Structural Regulation

    Singapore Raises ABSD Stamp Duties to Cool Property Market

    By Editors | 28/04/2023

    Foreigners buying any residential property in Singapore will see the Additional Buyer’s Stamp Duty double.

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    Conduct, Culture & Accountability

    Boards Should Take Requisitions Seriously: SGX RegCo

    By Editors | 27/04/2023

    While requisitions may be unwelcome, boards should consider their merits and engage with the requisitionists to find common ground.

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    PEPs & Sanctions

    British American Tobacco to Pay $629m in DPRK Sanctions Case

    By Mark Johnston | 27/04/2023

    OFAC’s $508mn penalty, its largest ever against a non-financial institution, settles charges related to the export of tobacco products to North Korea.

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    Market Abuse

    Singapore Trader Sentenced to Jail, Fine for SFA Breach

    By Editors | 27/04/2023

    The trader would sell the securities to his relatives before buying them back at higher prices using his employer’s accounts.

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    Resolution & Recovery

    Singapore Retail Investors Underrepresented in Bond Restructuring

    By Manesh Samtani | 26/04/2023

    The Law Reform Committee of the Singapore Academy of Law proposes reforms to improve Singapore’s framework for bond restructuring.

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