Singapore

Anti-Money Laundering

Singapore Court Jails Russian National for Deceiving Banks

By Sanday Chongo Kabange | 09/09/2021

The banks were deceived regarding true beneficial ownership in their decision to open bank accounts between 2014 to 2017.

Climate Risk

MAS Forms Sustainability Group, Appoints Chief Sustainability Officer

By Editors | 07/09/2021

The new group will coordinate MAS’ green finance and sustainability agenda to strengthen the financial sector’s resilience against environmental risks.

Operational Risk

Lessons in Operational & Credit Risk Management for Exchange Members

By Boon Gin Tan | 07/09/2021

SGX RegCo’s Boon Gin Tan and Grace Mok discuss findings from a survey of exchange members. A new guide on credit risk management has also been released.

Cybersecurity

Singapore Minister Urges FIs to Pursue International Postings

By Manesh Samtani | 07/09/2021

MAS will extend the funding duration from 3 to 6 months for the overseas component of its Finance Associate Management Scheme starting next year.

Clearing & Post-Trade

Implementing the Final Phase of MAS’ OTC Derivatives Reporting Regime

By Priya Kundamal | 06/09/2021

Firms coming into scope on 1 October need to quickly complete onboarding and test their reporting to DTCC’s Singapore trade repository.

Structural Regulation

StanChart, NTUC Enterprise to Form Singapore Digital Bank

By Editors | 06/09/2021

A Standard Chartered subsidiary will hold 60 percent of the digital banking venture under a licence obtained from MAS in December.

Clearing & Post-Trade

SGX Finalises Changes to Default Management Process

By Editors | 05/09/2021

The changes align CDP’s default management process with global practices, improve efficiency, and enable speedier resolution of any clearing member default.

Cryptocurrency

MAS Orders Halt to Singapore Services From Binance.com

By Editors | 05/09/2021

Binance Asia Services, which operates Binance.sg, is a “distinct entity” and may still operate under an exemption while its licence application is under review.

AI Risk & Governance

Singapore Launches Asian Institute of Digital Finance

By Manesh Samtani | 05/09/2021

The research institute has led efforts to develop a federated learning platform for SME credit analytics that is expected to launch by year-end.