Singapore

Emerging Prudential Risks

Singapore Fund Managers Highlight Political Risk: IMAS Survey

By Garima Chitkara | 27/01/2018

Majority of respondents expect to follow multi-asset strategy in response to political pressures; managers also concerned about fintech disruption and compliance costs.

Market Abuse

Singaporean Jailed for 4 Months for ‘False Trading’

By Editors | 24/01/2018

Mok Piak Liang convicted of manipulating share price to push up value of stock pledged to margin account and avoid having to top-up account by other means.

KYC & CDD

MAS to End Pre-Approval Requirement for Non-Face-to-Face KYC

By Samuel Riding | 17/01/2018

Regulator says money changers, remittance firms don’t need pre-approval for video-onboarding and other tech, but must have non-face-to-face procedures audited.

Anti-Money Laundering

Singapore Activates 61 AEOI Relationships for 2018

By Editors | 17/01/2018

The country will automatically exchange tax information from January 2017 with 61 countries under the OECD’s Common Reporting Standards.

Payments & Settlements

MAS in Talks with Blockchain Firm Ripple on Cross Border Payments

By Manesh Samtani | 15/01/2018

Ripple chief says technology can speed up cross-border transactions from days to second, save banks trillions in collateral held against settlement risks.

Anti-Money Laundering

Singapore to Enforce AML/CTF Rules on Cryptocurrency Intermediaries

By Garima Chitkara | 10/01/2018

Deputy prime minister says no major AML lapses have been found at Singapore banks when asked about ‘Russian Laundromat’ probe.

Credit Risk

Singapore Proposes Changes to Large Exposure Rules

By Garima Chitkara | 08/01/2018

MAS to impose large exposures limit of 25 percent of tier 1 capital on any counterparty or single counterparty group; will include large exposures to banks.

Credit Risk

MAS to Expand Range of Eligible Collateral to Include Commodities for IRB Banks

By Editors | 21/12/2017

Banks using internal ratings for credit risk under Basel guidelines will be allowed to have commodities as physical collateral.

Anti-Money Laundering

Singapore Issues 7th, 8th Bans Related to 1MDB Probe

By Editors | 20/12/2017

Yeo Jiawei, a former BSI wealth manager, gets lifetime ban to add to his convictions for 1MDB related money laundering, cheating and witness tampering.