Singapore

AML / KYC

MAS Extends Prohibition Against Goldman’s Leissner to Lifetime Ban

By Editors | 20/12/2018

The March 2017 prohibition order barring former banker Tim Leissner for 10 years was based on limited information; US DOJ charges provided evidence of his involvement in 1MDB fund flows.

Enforcement

IT Consultant of Singapore Investment Bank Charged with Insider Trading

By Editors | 10/12/2018

The US SEC has filed charges against an outsourced IT contractor for trading on inside information while working at the Singapore branch of an investment bank.

Market Infrastructure

MAS Consults on Exemption Framework for Cross-Border Financial Services

By Editors | 05/12/2018

The MAS proposes that Singapore regulated entities no longer be required to seek approval before commencing business arrangements with foreign related companies.

Market Infrastructure

MAS to Co-Fund Financial Sector Efforts to Develop Local Cyber Capabilities

By Editors | 04/12/2018

The MAS will support financial institutions that establish global or regional cybersecurity centres in Singapore, or run key cybersecurity functions from the city to develop local capabilities.

Crypto / Digital Assets

Singapore’s First Crypto Litigation Highlights Need for Regulatory Clarity

By Manesh Samtani | 03/12/2018

The outcome of B2C2 v. Quoine could inform regulators’ considerations on the next set of rules for crypto exchanges, which in time may provide greater clarity for investors.

AML / KYC

Singapore Pushes Data Analytics, Collaboration to Counter Financial Crime

By Editors | 30/11/2018

A new report by Singapore’s AML/CFT Industry Partnership identifies key weaknesses of current approaches that can be addressed with data analytics and greater industry collaboration.

Capital / Liquidity

Singapore Banking System Can Withstand Severe Shocks – MAS

By Manesh Samtani | 26/11/2018

The MAS financial stability review says asset quality is improving despite loan growth, and banks continue to maintain healthy provisioning and liquid assets “well above regulatory requirements”.

Market Infrastructure

MAS Grants First Private Securities Exchange Licence to CapBridge

By Editors | 23/11/2018

The regulatory approval allows CapBridge to operate a private securities exchange, called ‘1exchange’, where investors can buy and sell securities issued by private companies.

AML / KYC

Lessons from Singapore’s KYC Utility Project

By Manesh Samtani | 21/11/2018

The Association of Banks in Singapore has published a report detailing the core design decisions, achievements, challenges and lessons from the recently-shelved KYC utility project.