Singapore

    AML / KYC

    MAS Penalises Bank J. Safra Sarasin for SoW/SoF Failures

    By Manesh Samtani | 14/04/2021

    The bank failed to establish the source of wealth and source of funds of customers and beneficial owners of higher-risk customers, MAS said.

    AML / KYC

    Singapore Court Jails Money Mule for Over 3.5 Years

    By Ranamita Chakraborty | 13/04/2021

    The woman received more than S$730,000 in criminal proceeds in various bank accounts she set up for her “online lover”.

    Enforcement

    Singapore: Former Banker Admits to Cheating Seven People

    By Editors | 12/04/2021

    Han Delong worked for UOB between August 2014 and December 2015, and for OCBC between March 2016 to January 2017.

    AML / KYC

    Singapore Court Charges Five Over Shell Company Activity

    By Ranamita Chakraborty | 12/04/2021

    Between 2016 and 2019, eight police reports were filed by victims who were deceived into wiring around $1.7mn into the bank accounts of Singapore-registered shell companies.

    Securities / Derivatives

    SGX, NZX Sign Partnership on Dairy Derivatives

    By Editors | 10/04/2021

    NZX intends to delist its suite of dairy derivatives contracts from the NZX Derivatives Market and relist equivalent contracts on SGX.

    SORA Property Loans Provide Interest Rate Stability: UOB

    By Editors | 07/04/2021

    Borrowers say the certainty, transparency and stability are key factors affecting their willingness to choose SORA-based loan products.

    Securities / Derivatives

    SGX Opens Consultation on SPACs Listing Framework

    By Manesh Samtani | 02/04/2021

    At least 90 percent of IPO proceeds will have to be placed in escrow pending a SPAC’s acquisition of a target company.

    Market Infrastructure

    Singapore Announces End-date for SOR Derivatives

    By Manesh Samtani | 01/04/2021

    Banks are asked to cease issuance of SOR derivatives and SIBOR-linked financial products by end-September 2021.

    Enforcement

    SG Police Investigate Over 300 Individuals in Cases of Scams

    By Editors | 31/03/2021

    The suspects are being investigated for the offences of cheating, money laundering or providing payment services without a licence.

    Enforcement

    SG Police to Lay 23 More Charges Against Hin Leong Founder

    By Editors | 29/03/2021

    The new charges could not be tendered against Lim Oon Kuin on Monday because the 78-year-old said he was unwell.

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