Singapore

    Relief Available to S-REITs, SMEs Harmed by Re-align Framework: MAS

    By Editors | 04/11/2020

    While financial contracts are excluded from the Framework, some SMEs and S-REITs may be adversely impacted by the legislative measures.

    AML / KYC

    MAS to Discontinue S$1,000 Note to Prevent Money Laundering

    By Editors | 03/11/2020

    Large denomination notes allow individuals to carry large values of money anonymously, and can facilitate money laundering and other illicit activities, MAS says.

    AML / KYC

    Singapore Bill to Align Payment Services Act with FATF Standards

    By Editors | 03/11/2020

    The bill will expand the definition of a DPT service, broaden the definition of cross-border money transfer service, and allow MAS to impose measures on DPT services providers.

    ESG / Sustainability

    Singapore Lenders Launch New Debt Restructuring Scheme for SMEs

    By Manesh Samtani | 01/11/2020

    The scheme will facilitate a common approach to SME debt restructuring among 16 participating lenders. A separate scheme has been launched for sole proprietors and partnerships.

    Enforcement

    MAS Bans Two Former Bankers for Fraud, Dishonest Conduct

    By Editors | 01/11/2020

    The former OCBC treasury advisor placed unauthorised FX trades in client accounts, while the former UOB relationship manager made unauthorised bank transfers.

    ESG / Sustainability

    AIMA, Simmons & Simmons Launch ESG Primer for Asia Fund Managers

    By Editors | 30/10/2020

    The primer contains key concepts and taxonomy, recent regulatory developments impacting Asia fund managers, and a checklist for developing an ESG strategy and roadmap.

    Enforcement

    Singapore Courts Charge Two for Cheating, False Trading

    By Editors | 30/10/2020

    Ex-KTL Global CEO Tan Kheng Yeow and OCBC Securities trading rep Tan Chun Yong are said to have been involved in a conspiracy for false trading.

    Market Infrastructure

    Bovill Research Calls into Question Efficacy of FCA’s SMCR

    By Shruti Khairnar | 28/10/2020

    The FCA’s experience with SMCR could inform senior management regimes in other jurisdictions such as Singapore, Australia and Hong Kong.

    Crypto / Digital Assets

    DBS to Launch Digital Exchange, Subject to Regulatory Approvals

    By Editors | 28/10/2020

    The exchange will offer trading services from fiat currencies to four of the top digital currencies in circulation, as well as capital raising through STOs.

    Capital / Liquidity

    MAS Seeks Removal of REIT Manager for SFA Breaches

    By Editors | 27/10/2020

    Eagle Hospitality REIT Management breached the minimum base capital and financial resources requirements under the SFA three times in the span of about a year.

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