Singapore

Anti-Money Laundering

Singapore to Tighten AML Rules for Casinos – Report

By Editors | 08/06/2020

Singapore’s legislated threshold for cash transactions that are subject to due diligence is higher than the $3,000 threshold set by the FATF.

Trading & Investment

BNY, Deutsche to Set Up FX Trading Infrastructure in Singapore

By Editors | 08/06/2020

Seven major firms have already set up FX pricing and matching engines in Singapore, the result of a MAS initiative to lower routing latencies in the city-state.

Structural Regulation

MAS Issues Consultation Response on FRC Framework

By Editors | 07/06/2020

Regulated entities will no longer need to seek MAS approval prior to commencing business arrangements with foreign related corporations; a 14-day ex-post notification will instead be required.

Structural Regulation

ESMA Clarifies Transparency Rules, Position Limits for Non-EU Venues

By Editors | 04/06/2020

ESMA has clarified its application of post-trade transparency requirements and the position limits regime to third-country trading venues.

Credit Risk

Singapore Banks Pledge Relief to Landlords Providing Rent Waivers

By Editors | 03/06/2020

Singapore authorities, with the support of banks, have announced a package of measures that will help landlords with existing loan commitments and cashflow needs.

Emerging Prudential Risks

MAS to Assess Covid-19 Impact on Digital Bank Applicants

By Editors | 03/06/2020

MAS will reportedly interview digital bank applicants to understand the changes in their strategy as a result of Covid-19, including any impacts on their funding and profitability plans.

Market Abuse

Singapore Authorities Commence Joint Investigation Into Hyflux

By Editors | 02/06/2020

Water treatment firm Hyflux entered the limelight in 2018 when it tried to restructure nearly S$3bn in debt. The company is suspected of breaching disclosure and accounting rules.

Trading & Investment

SGX to Launch Single Stock Futures on 15 June

By Editors | 02/06/2020

SGX has observed greater synchronisation and correlation between the price of futures and the underlying stocks, indicating growing institutional participation across both markets.

Fraud, Scams & Cybercrime

Singapore Police Arrest Suspect in Covid-19 Money Laundering Case

By Editors | 01/06/2020

An overseas distribution company was defrauded of more than $646,000 for the purchase of N95 masks and personal protection gowns from a supposed supplier in Singapore.