Singapore

AML / KYC

IMDA Starts Onboarding Banks to New SMS SenderID Registry

By Editors | 08/03/2022

IMDA has begun onboarding banks and other organisations on the new system, which will prevent spoofed SMS text messages from being sent upfront.

AML / KYC

SGX Issues Directions to Listed Issuers on Sanctions Compliance

By Manesh Samtani | 08/03/2022

Gazprom’s GDR listing on SGX has been suspended. Issuers are directed to suspend trading if they are subject to sanctions or engaging in sanctioned business dealings with Russia.

AML / KYC

Singapore Sanctions Four Russian Banks, Imposes Other Restrictions

By Manesh Samtani | 06/03/2022

FIs that have relationships with the four banks must freeze their assets. DPT service providers are prohibited from facilitating sanctions evasion with crypto and NFTs.

AML / KYC

MAS Issues New AML/CFT Notices for Financial Institutions

By Manesh Samtani | 02/03/2022

The Notices cover activities involving precious stones and metals, services and transactions involving digital payment tokens, and risk assessments on shell companies.

ESG / Sustainability

UK, Singapore Bolster Cooperation on Data Flows, Financial Services

By Editors | 01/03/2022

The UKSDEA promotes free flows of data between the UK and Singapore including in financial services. Both countries will work towards recognising each other’s digital identity systems.

Capital / Liquidity

MAS Introduces Liquidity Requirement for Recognised Market Operators

By Editors | 01/03/2022

Effective from 28 March, RMOs will have to hold at least 25 percent of their annual operating costs in cash and cash equivalents.

AML / KYC

Singapore, Korea, Switzerland Announce Sanctions Against Russia

By Manesh Samtani | 01/03/2022

Singapore will block certain Russian banks and financial transactions connected to Russia. Major Singapore banks are already restricting trade financing for Russian commodities.

Enforcement

MAS Bans Former OCBC Representative for Five Years

By Editors | 24/02/2022

The former representative was convicted of forgery in the State Courts last year, leading MAS to believe she would not perform financial advisory services honestly.

ESG / Sustainability

Singapore Govt, MAS to Extend Support for Businesses

By Editors | 21/02/2022

MAS is extending its SGD facility to support SME lending. Singapore will target net zero emissions by or around 2050, which was previously the target for halving emissions.