SINGAPORE

Crypto / Digital Assets

Singapore Law Firm Pays $1.4m Ransom Demand

By Editors | 08/05/2024

The law firm was initially asked to pay $2mn, but the Akira ransomware group agreed to lower the amount after negotiations.

Sanctions

Iran Reliant on Malaysia to Finance Terrorist Proxies: US Official

By Editors | 08/05/2024

US officials express concern about the use of Southeast Asian service providers to route illicit sales of Iranian oil.

AML / KYC

MAS Fines Swiss-Asia Financial Services for AML Breaches

By Nithya Subramanian | 08/05/2024

The CEO and COO were also reprimanded for failing to ensure compliance with the AML/CFT requirements.

Securities / Derivatives

Singapore Examining Proposals to Boost Stock Market: Report

By Nithya Subramanian | 07/05/2024

The proposals would encourage stock investments by family offices, wealth management businesses, pension funds and sovereign funds.

Securities / Derivatives

MAS Issues Notice on Fund Data Submission Requirements

By Nithya Subramanian | 07/05/2024

Notice SFA 04-N23 specifies monthly and daily submission requirements applicable to managers of authorised CIS, excluding REITs.

AML / KYC

Singapore, Hong Kong Anti Scam Units and Banks Jointly Foil Scam

By Nithya Subramanian | 06/05/2024

DBS, UOB, Singapore’s ASC, and Hong Kong’s ADCC collaborated to fully recover over S$370,000 lost by a 70-year-old victim.

Sanctions

US Officials in Malaysia, Singapore This Week to Discuss Sanctions

By Editors | 06/05/2024

Treasury’s Brian Nelson and Neil MacBride will meet with the Malaysian and Singapore financial sectors to discuss compliance and enforcement efforts.

ESG / Sustainability

China Construction Bank, Gprnt Partner on Sustainable Finance

By Nithya Subramanian | 03/05/2024

This is the first collaboration between a major Chinese financial institution and Gprnt. It is expected to improve access to sustainable finance for SMEs.

Fintech / Regtech

DBS Experiences Disruption Days After MAS Lifts Restrictions

By Nithya Subramanian | 03/05/2024

Customers of the Singapore bank experienced internet banking and payment services disruptions for more than two hours on Thursday.