SINGAPORE

Market Infrastructure

SGX RegCo CEO Urges Directors to Embrace Market Discipline

By Ranamita Chakraborty | 02/08/2024

SGX is open to updating its safe harbour guidelines for forward-looking statements to encourage listed companies to make decision-useful disclosures.

ESG / Sustainability

DBS, Deloitte Launch Tool to Help SMEs Close Decarbonisation Gaps

By Ranamita Chakraborty | 01/08/2024

The new sustainability solution aligns with the TCFD framework and helps Singapore SMEs meet their reporting obligations more effectively.

Enforcement

MAS Reprimands Asset Manager, Bans CEO for Two Years

By Nithya Subramanian | 01/08/2024

MAS has also declined the RFMC’s application to upgrade to an LFMC. Effective 1 August, it cannot undertake fund management activities in Singapore.

AML / KYC

MAS Tightens Licensing Requirements for Payment Services

By Ranamita Chakraborty | 31/07/2024

Applicants must submit a legal opinion, an independent assessment report by an external auditor, and have a governance structure for compliance and AML/CFT oversight.

Enforcement

MAS Reprimands RVP One & CEO for Regulatory Breaches

By Nithya Subramanian | 31/07/2024

The RFMC failed to submit information about its financial returns and notify MAS of changes to its shareholding structure, MAS said.

AML / KYC

Singapore Deports Last Convict in Billion Dollar ML Case

By Nithya Subramanian | 29/07/2024

All ten individuals who were convicted and sentenced in the case have now been deported: eight to Cambodia, one to Japan, and one to the UK.

AML / KYC

MAS Issues New ‘Source of Wealth’ Guidance for FIs

By Nithya Subramanian | 29/07/2024

MAS sets out key risk principles that FIs should follow when designing policies to establish SOW of customers.

Enforcement

MAS Issues New Guidance on Prohibition Orders Under FSMA

By Ranamita Chakraborty | 26/07/2024

The new PO regime will be brought into effect on 31 July as part of the third phase of implementing the Financial Services and Markets Act, which passed into law in April 2022.

AML / KYC

Humanitarian Crisis in Gaza Being Exploited for Terror Financing

By Ranamita Chakraborty | 26/07/2024

Singapore’s Internal Security Department warns that charities and NGOs are being used by Hamas networks to raise funds globally.