Singapore

    Market Infrastructure

    MAS to Expand Scope of Mandatory Reference Check Regime

    By Manesh Samtani | 16/05/2021

    MAS proposes to expand the scope of FIs and employees subject to the mandatory reference checking regime. FIs will have to maintain records for all employees.

    AML / KYC

    US DOJ Penalises Swiss Life for Facilitating Tax Evasion

    By Editors | 16/05/2021

    Swiss Life and its subsdiaries created and marketed insurance products specially designed for US persons seeking to hide offshore assets and evade tax.

    AML / KYC

    Singapore: Former BP Director Jailed on Corruption Charges

    By Editors | 14/05/2021

    The former regional director was also ordered to pay a penalty of SGD 6.2 million and faces additional money laundering charges.

    AML / KYC

    UOB Customer Data Gets Leaked In Impersonation Scam

    By Editors | 13/05/2021

    Scammers obtained personal information of over 1,000 of UOB’s Chinese customers with Singapore accounts by deceiving a bank employee.

    Enforcement

    Singapore Court Sentences Former Banker to Seven Years’ Jail

    By Editors | 12/05/2021

    The former UOB and OCBC banker promoted fictitious deposit and investment products to customers and then misappropriated the funds.

    AML / KYC

    MAS Consults on Proposed AML Notices for Foreign Offices, FRCs

    By Manesh Samtani | 12/05/2021

    MAS seeks comment on four notices, which contain requirements on record-keeping, internal policies, and the provision of records to MAS upon request.

    Market Infrastructure

    Technology Skills in Short Supply in Financial Sector: Menon

    By Ranamita Chakraborty | 11/05/2021

    A mismatch between demand and supply means that Singapore will have to continue to depend on foreigners to fill growing vacancies for technology jobs.

    Enforcement

    MAS Issues 10-Year Ban Against Individual for Dishonest Conduct

    By Editors | 10/05/2021

    The individual carried out fund management activities without holding a capital markets services licence, and later convicted of cheating and imprisoned.

    Market Infrastructure

    MAS Issues Revised Corporate Governance Guidelines for FIs

    By Manesh Samtani | 09/05/2021

    The guidelines provide good practices that financial institutions should observe in relation to their corporate governance and remuneration frameworks.

    Enforcement

    SGX RegCo Deploys AI & Machine Learning to Detect Risk

    By Editors | 06/05/2021

    SGX RegCo is adapting information from companies’ disclosures into structured data that can be more quickly analysed.

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