SINGAPORE

Enforcement

Singapore: Next Phase of FSMA Implementation Has Commenced

By Editors | 14/05/2024

MAS can now impose fines up to S$1mn for non-compliance with technology risk management requirements.

Securities / Derivatives

MAS Finalises Rules for New OTC Derivatives Reporting Regime

By Manesh Samtani | 14/05/2024

The final regulations come into operation on 21 October 2024, introducing the UPI, UTI, CDE and ISO 20022 in reporting.

MAS Appoints New Chairman of the Board

By Nithya Subramanian | 14/05/2024

Minister for Trade and Industry Gan Kim Yong has been appointed Chairman for a two-year period.

Securities / Derivatives

SGX Lists First ETF Tracking APAC Financial Sector

By Nithya Subramanian | 14/05/2024

The ETF is a collaboration between SGX, Lion Global Investors and OCBC Securities.

AML / KYC

Singapore Jeweller Charged for Not Performing CDD Checks

By Nithya Subramanian | 13/05/2024

The jeweller failed to undertake customer due diligence checks when there was reason to suspect money laundering.

Enforcement

Singapore Court Convicts Hin Leong Founder for Cheating HSBC

By Nithya Subramanian | 13/05/2024

Lim Oon Kuin was convicted of cheating HSBC and abetting forgery. He will be sentenced in October.

Market Infrastructure

Singapore Parliament Passes Cybersecurity Amendment Bill

By Nithya Subramanian | 13/05/2024

The amendments introduce stricter reporting requirements for owners of CII and give more teeth to the CSA.

AML / KYC

Singapore to Strengthen Laws to Pursue Money Launderers

By Nithya Subramanian | 10/05/2024

Sectoral regulators will have access to STRs filed by entities they regulate, to enable better detection.

Capital / Liquidity

Law Firms Rally Asian AT1 Claimants Against Switzerland

By Mark Johnston | 10/05/2024

Several law firms including Withers are spearheading efforts to recover funds lost in Credit Suisse AT1 bonds by Asian investors.