Singapore

PEPs & Sanctions

Singapore Company Director Jailed for North Korea Trade

By Editors | 25/11/2019

The Singapore man was reportedly selling luxury goods to a North Korean shop, shipping the goods via Dalian, and receiving payment via front companies in China and Hong Kong.

Cybersecurity

MAS, ABS Conclude 6th Crisis Response Testing Exercise

By Editors | 23/11/2019

‘Exercise Raffles’ brought together the public and private sectors – including the FS-ISAC, HKMA, CSA, SGX, SWIFT and FIS Global – to test cyber and operational disruption response capabilities.

Cryptocurrency

MAS Consults on Regulatory Approach for Crypto Derivatives

By Garima Chitkara | 21/11/2019

The MAS has received indications of interest for bitcoin and ether derivatives, regulated under the SFA, to be made available to investors in Singapore.

Reporting & Disclosures

EP Association Adopts 4th Iteration of ‘Equator Principles’

By Editors | 21/11/2019

DBS becomes the newest of 101 financial institutions to adopt the ‘Equator Principles’, a globally recognised framework for determining, assessing and managing environment and social risk in project finance.

Anti-Money Laundering

Singapore Re-Rated on Four FATF Recommendations

By Editors | 19/11/2019

Singapore is still rated ‘partially compliant’ on three FATF Recommendations for technical compliance, and will remain in enhanced follow-up.

Conduct, Culture & Accountability

Fostering Customer Trust in the Financial Industry: MAS

By Editors | 18/11/2019

Regulators and FIs alike have an important part to play to build trust in the financial industry, MAS deputy managing director Ong Chong Tee said in a speech on Saturday.

Supervision & Enforcement

UBS Fined in Singapore for Pricing Deception by Advisers

By Editors | 18/11/2019

The MAS penalty follows similar action taken against UBS by the Hong Kong SFC to penalise the bank and demand compensation for clients that were overcharged over a ten-year period.

Operational Risk

BCBS 239: The Rise of 2.5LoD at Singapore Banks

By Shierly Mondianti | 18/11/2019

PwC’s Shierly Mondianti and Irene Liu explore the advantages and disadvantages of the operating models for executing independent validation post-BCBS 239 compliance.

Data Privacy

Exploring APAC’s Emerging Data-Intensive Regulatory Environment

By Swati Kothari | 15/11/2019

APAC’s data intensive regulatory environment is making it increasingly important for banks to adopt a strategic data framework, say Swati Kothari and Jackielou Imperial at Wolters Kluwer.