Singapore

Credit Risk

Singapore Stimulus Plan to Catalyse Private Sector Loans

By Editors | 26/03/2020

MAS is working with banks and insurers to see how best to help businesses and individuals with loan obligations and insurance premium payments.

Structural Regulation

MAS, ACRA, SGX RegCo Set Out Expectations on Meeting Conduct

By Editors | 26/03/2020

MAS, SGX RegCo and ACRA expect all issuers to comply with the Ministry of Health’s mandatory safe distancing measures. Legislative amendments will be introduced.

Data Privacy

Singapore, Australia Agree to Promote Data Connectivity, Digital Economy

By Editors | 23/03/2020

Singapore and Australia have committed to allowing financial institutions to choose where their data is stored and prohibiting data localisation, among a raft of other agreements.

Liquidity Risk

HK, Singapore, Indonesia Assessed as NSFR, LEX Compliant

By Editors | 22/03/2020

Hong Kong, Singapore and Indonesia were assessed as compliant with global standards for the net stable funding ratio and large exposures framework.

Anti-Money Laundering

MAS Penalises Trust Company for AML/CFT Failings

By Editors | 20/03/2020

TMF Trustees Singapore was penalised SG$400,000 for failing to verify the source of wealth and monitor transactions on an ongoing basis.

Structural Regulation

SGX RegCo Offers Guidance on Holding General Meetings

By Editors | 20/03/2020

Measures include segregating attendees across various venues, adopting digital tools to conduct general meetings, and a 250-person limit at any given venue.

Trading & Investment

Singapore Steering Committee Publishes SORA Transition Roadmap

By Editors | 19/03/2020

Banks aim to start active trading in SORA derivatives in the second half of the year, and SORA-based loans will launch by year-end.

Fraud, Scams & Cybercrime

MAS Bans Six Individuals for Fraud and Dishonest Conduct

By Editors | 19/03/2020

The first five individuals abused their clients’ trust for their personal gain and the last evaded taxes. All six also received prison sentences.

Payments & Settlements

Fed Establishes FX Swap Lines with Nine Central Banks

By Editors | 19/03/2020

Temporary currency swap lines will be established with 9 central banks – including BOK, RBA, MAS and RBNZ – to lessen the strain on US dollar funding markets.