SINGAPORE

Enforcement

Singapore Court Commences Nickel Trading Fraud Trial

By Nithya Subramanian | 28/11/2024

Ng Yu Zhi faces charges of fraudulent trading, cheating, forgery and money laundering. The trial is expected to take over 50 days.

Capital / Liquidity

MAS Revises Notice 637 on Risk-based Capital Adequacy

By Editors | 28/11/2024

MAS updated Notice 637, which sets out risk-based capital adequacy requirements for locally-incorporated banks.

ESG / Sustainability

ASEAN Stock Exchanges to Issue RFI to Develop ESG Data Infrastructure

By Nithya Subramanian | 27/11/2024

The effort aims to enhance ESG data standardisation, attract global investors, and position ASEAN as a hub for sustainable development.

Enforcement

MAS Bans Former UOB Representative for 14 Years

By Nithya Subramanian | 27/11/2024

MAS has prohibited Loh Sheng Yang from offering financial advisory and capital markets services after he defrauded 17 victims of over S$1 million.

Singapore Launches Consultation on Proposed Online Safety Legislation

By Nithya Subramanian | 25/11/2024

The proposed reforms include a complaints mechanism for victims, statutory torts for legal redress and measures to increase accountability for harmful content.

Enforcement

Singapore Court Jails Ex-DBS Staff for Unauthorised Access to Customer Data

By Nithya Subramanian | 25/11/2024

Huang Pin Wen was sentenced to eight months and seven weeks in jail for accessing customer information, including at the request of an illegal moneylender.

AML / KYC

Singapore Court Fines Jeweller for Failing to Perform CDD

By Nithya Subramanian | 23/11/2024

The case is Singapore’s first prosecution under the Precious Stones and Precious Metals (Prevention of Money Laundering and Terrorism Financing) Act.

MAS Streamlines Product Approval Process for Life Insurers

By Nithya Subramanian | 22/11/2024

Revised notices ease the approval process, requiring life insurers to seek prior approval only for products with features entirely new to the industry.

Fintech / Regtech

EU and Singapore Strengthen Cooperation on AI Safety

By Nithya Subramanian | 21/11/2024

The US also launched the “International Network of AI Safety Institutes” to drive alignment and encourage safe, secure, and trustworthy AI innovation around the world.