SINGAPORE

AML / KYC

Singapore’s COSMIC Initiative Will Prioritise Consumer Safeguards

By Nithya Subramanian | 12/03/2024

COSMIC, launching in May, requires banks to implement a number of safeguards to protect legitimate customers from having their information shared.

ESG / Sustainability

DBS Updates Policy to Phase-out Thermal Coal Exposures

By Nithya Subramanian | 11/03/2024

The new policy is seen to be more in line with Singapore’s sustainable finance taxonomy, which seeks to promote the early phase-out coal plants.

Enforcement

Singapore Passes Bill to Give MAS Greater Investigative Powers

By Editors | 08/03/2024

The Bill enhances MAS’ evidence-gathering powers and facilitates greater inter-agency coordination for all parts of the financial sector.

AML / KYC

Singapore Police, Banks Deploy RPA Technology to Combat Scams

By Editors | 08/03/2024

Over two months, the tech was used to send more than 15,000 SMSes to potential victims alerting them to the deceptive schemes they were entrenched in.

Enforcement

Three Charged in Singapore Over Links to Billion-dollar Nickel Fraud

By Editors | 08/03/2024

The former CEO and two directors of Envysion Wealth Management have been charged over poor risk management and failure to mitigate conflicts of interest.

Crypto / Digital Assets

Bitstamp Wins In-principle Licence Approval in Singapore

By Nithya Subramanian | 07/03/2024

The European crypto exchange will focus on institutions, including payment processors, fintech companies and brokerages.

ESG / Sustainability

SGX RegCo Consults On Integrating ISSB Standards Into Listing Rules

By Nithya Subramanian | 07/03/2024

SGX RegCo proposes to make it mandatory for listed companies to report on sustainability, compared to the current “comply or explain” approach.

AML / KYC

Singapore ACRA to Streamline Corporate Regulatory Processes

By Nithya Subramanian | 06/03/2024

A tiered framework will be established to enable ACRA to disclose data to meet statutory obligations relating to anti-money laundering.

AML / KYC

Singapore Shell Companies Linked to Illicit Activity in India

By Nithya Subramanian | 06/03/2024

India’s Enforcement Directorate has uncovered a web of money laundering activities involving the use of shell companies from Singapore.