Singapore

AML / KYC

Singapore Court Charges Property Agent for Failing to File STR

By Ranamita Chakraborty | 26/10/2021

The agent collected a bag of cash for a property purchase. It was later discovered that the purchaser was an undischarged bankrupt and operated illegal gambling dens.

AML / KYC

Singapore Court Fines Man for Falsifying North Korea Invoices

By Ranamita Chakraborty | 25/10/2021

The business dealings were not in violation of sanctions regulations but the falsification of invoices to conceal them from banks has resulted in a S$210,000 fine.

Market Infrastructure

MAS Consults on Revisions to BCM Guidelines

By Manesh Samtani | 23/10/2021

The guidelines emphasise the need for FIs to take an end-to-end view in ensuring the continuous delivery of critical business services and functions.

Enforcement

MAS Proposes to Improve Fairness of Appeals Process

By Manesh Samtani | 21/10/2021

Proposed changes to the Appeals Regulations would allow appellants to review MAS’ reasons for a decision before filing their petition for appeal.

Securities / Derivatives

NZX to Migrate Dairy Derivatives to SGX on 27 November

By Editors | 21/10/2021

NZX has amended its Clearing and Settlement Rules and Procedures, and the NZX Derivatives Market Procedures, to give effect to the migration of open interests.

Market Infrastructure

LCH Expands Eligible Collateral to Include SGD Securities

By Editors | 20/10/2021

LCH says accepting SGD collateral will be an important tool for improving liquidity management and optimising margin costs.

AML / KYC

Singapore Consults on Amendments to Accountants Act

By Sanday Chongo Kabange | 20/10/2021

Under the changes, ACRA can conduct inspections on accountants for compliance with AML/CFT requirements, and impose penalties for non-compliance.

Enforcement

SFC Penalises IPO Sponsor Over Substandard Due Diligence Work

By Editors | 18/10/2021

Ample Capital Limited failed to conduct adequate due diligence on suspicious cash settlements and to keep proper records of its due diligence work.

MAS Tightens Monetary Policy Amid Inflation Concerns

By Editors | 14/10/2021

MAS will slightly raise the slope of the S$NEER policy band to ensure medium term price stability while recognising the risks to the economic recovery.