SINGAPORE

AML / KYC

Singapore Charges South Korean in S$1.5b TBML Scheme

By Ranamita Chakraborty | 28/08/2024

The accused hid smuggled cash in tool shipments from Korea and Japan, and then exported gold bars disguised as mechanical tools.

Crypto / Digital Assets

DBS Concludes Blockchain Pilot to Streamline Grant Disbursements

By Ranamita Chakraborty | 25/08/2024

The programmable grant disbursement pilot used smart contracts to automate and streamline grant disbursements by Enterprise Singapore.

ESG / Sustainability

Singapore, Philippines to Collaborate on Carbon Credits Partnership

By Ranamita Chakraborty | 23/08/2024

Singapore and the Philippines will form a working group to progress their cooperation to develop high-integrity carbon markets.

AML / KYC

Singapore CPF Lowers Online Withdrawal Limit to Deter Scammers

By Nithya Subramanian | 23/08/2024

The maximum online daily withdrawal limit will be reduced from S$200,000 to S$50,000 to introduce more friction against scams.

Enforcement

Singapore Considers Granting Police More Powers to Block Scams

By Nithya Subramanian | 23/08/2024

The police will be able to block banking transactions if there is “reasonable belief” that victims will transfer money to scammers.

AML / KYC

All Eyes Are on Singapore and its Fight Against Dirty Money

By Tom Keatinge | 22/08/2024

For the past two years, Singapore has led the global fight against dirty money. It’s now time for it to focus on the home front again, says Tom Keatinge.

AML / KYC

Singapore Jails Former Healthcare Execs for Defrauding Banks

By Ranamita Chakraborty | 22/08/2024

Maybank, Standard Chartered, DBS, UOB, Citibank, and HSBC were defrauded of SGD 69 million through the use of forged documents.

AML / KYC

Singapore Advisory Panel Calls for Stronger Penalties to Deter Scams

By Nithya Subramanian | 22/08/2024

The panel recommends a minimum six-month jail term for those who allow scammers to control their Singpass or bank accounts.

Singapore Adopts New Measures to Cool Property Market

By Ranamita Chakraborty | 21/08/2024

The Singapore government has reduced the LTV limit for HDB loans and increased housing grants for first-time home buyers.