Singapore

Cybersecurity

SingHealth Breach Prompts MAS Tightening of Customer Verification

By Garima Chitkara | 26/07/2018

MAS asked financial institutions to use additional information like one-time passwords and biometrics to identify consumers over and above existing consumer verification processes.

Anti-Money Laundering

Combating Financial Crime with Data Analytics – MAS

By Manesh Samtani | 24/07/2018

In the year ahead, the MAS will focus on the use of data analytics as well as boosting industry collaboration in its fight against money laundering and terrorism financing.

Clearing & Post-Trade

SGX Proposes Clearing House Enhancements for Managing Defaults

By Editors | 23/07/2018

Proposals include introduction of auction protocol for liquidating defaulted derivatives clearing members’ positions, with a mechanism to distribute the resulting losses.

Resolution & Recovery

MAS Consults on Resolution Regime Amendments

By Editors | 21/07/2018

Amendments include introduction of a contractual recognition requirement into financial contracts governed by foreign laws, the statutory bail-in regime, and creditor compensation framework, among others.

Cloud & Infrastructure

Singapore, Korea Agree to Cooperate on Fintech

By Garima Chitkara | 19/07/2018

MAS and Korea’s FSC have signed an agreement to provide regulatory support to fintech firms from either country looking to expand in the other.

Clearing & Post-Trade

SGX to Roll Out Central Clearing for Bilateral OTC FX Derivatives

By Garima Chitkara | 16/07/2018

Singapore Exchange to launch trading solutions allowing privately negotiated OTC FX trades to be cleared like standard FX futures; launch set for 27 August encompassing five currency pairs, including USD/CNH.

Conduct, Culture & Accountability

MAS Proposes Amendments to Misconduct Reporting Regime

By Garima Chitkara | 12/07/2018

Proposed changes aim to provide greater clarity on requirements and reduce errors in the submission of misconduct reports; reference checks to be mandatory when recruiting staff.

Data Privacy

AxiomSL Announces Completion of Open Taxonomy to Streamline MAS 610 Compliance

By Manesh Samtani | 09/07/2018

Industry initiative has condensed over 300,000 data points required by MAS 610 into 1,000 reuseable business concepts, simplifying and streamlining compliance with the reporting mandate.

Capital Adequacy

SGX Proposes Amendments to Boost Capital Efficiency for Members

By Manesh Samtani | 08/07/2018

Proposed amendments include removal of risk-based capital and net liquid capital requirements currently imposed on remote and bank members, among other changes.