SINGAPORE

Capital / Liquidity

Asia to Miss Key 2018, 2019 Basel III Deadlines – BIS report

By Garima Chitkara | 26/04/2018

Most Asian jurisdictions are behind on implementing counterparty credit risk measures, capital for CCP exposures as well as TLAC, IRRBB and LEX requirements.

AML / KYC

Banks Should Implement Wolfsberg KYC Initiative – MAS

By JP Reimann | 23/04/2018

MAS urges Singaporean banks to incorporate Wolfsberg due diligence questionnaire in risk assessment processes relating to correspondent banking relationships.

Fintech / Regtech

Singapore Moves Towards Open Banking Without Regulatory Mandate

By Garima Chitkara | 16/04/2018

MAS chief data officer says data sharing between financial firms will happen “organically” without need for regulatory mandate; may release guidelines on ethical data practices.

Capital / Liquidity

Singapore Issues TLAC Consultation

By Editors | 12/04/2018

Monetary Authority aims to bring Singapore in line with Basel III capital treatment of capital holdings from January next year.

Capital / Liquidity

Singapore Bank Resolution Regime Favours Bailouts Over Credit Bail-ins – Moody’s

By Garima Chitkara | 05/04/2018

Singapore regulations favour bailouts over creditor bail-ins as bail-in buffers only comprise 1-2% of Singapore bank assets, says Moody’s.

Fintech / Regtech

MAS Guidance on AI, Data Analytics In The Works

By Editors | 04/04/2018

Key financial industry stakeholders to co-create guide setting out key principles, best practices to strengthen governance, reduce data misuse risks.

AML / KYC

MAS Fines StanChart Units $4.9mn for AML/CTF Breaches

By Editors | 20/03/2018

The bank’s Singapore branch and trust unit failed to adequately assess and mitigate risks that clients were trying to avoid CRS reporting obligations.

AML / KYC

Money 20/20: MAS Speaks Out on Crypto Risks, Blockchain

By Manesh Samtani | 17/03/2018

In a speech at Money 20/20 Asia, MAS managing director Ravi Menon spoke about the promise of blockchain technology and containing cryptocurrency risks; AML/CTF risks present a “clear and present danger”.

Fintech / Regtech

MAS to Streamline Data Submissions, Reduce Burden for FIs

By Editors | 16/03/2018

Financial institutions will be allowed to decline MAS requests for previously-submitted data; new regulatory returns to be submitted in machine-readable formats.