Singapore

Anti-Money Laundering

MAS Fines Atrium Asia Investment Management for AML/CFT Breaches

By Nithya Subramanian | 30/10/2024

The firm’s CEO was also reprimanded over failures to assess risks posed by customers, identify PEPs, and keep adequate records.

Payments & Settlements

BIS and APAC Central Banks Release Results of Project Mandala

By Sanday Chongo Kabange | 29/10/2024

Project Mandala demonstrated that jurisdiction-specific regulatory requirements can be embedded in cross-border transaction protocols.

Fraud, Scams & Cybercrime

MAS Issues Amended E-Payments User Protection Guidelines

By Nithya Subramanian | 29/10/2024

The guidelines take effect the same day as the new Shared Responsibility Framework for phishing scams. MAS also issued a circular on anti-scam measures for MPIs that provide e-wallets.

Capital Adequacy

MAS Consults on Risk-based Capital Framework For Insurers

By Nithya Subramanian | 25/10/2024

MAS proposes to introduce differentiated capital treatment for infrastructure investments and to revise the approach for structured products under the RBC 2 framework.

Fraud, Scams & Cybercrime

Singapore to Launch Scam Loss Sharing Framework in December

By Nithya Subramanian | 25/10/2024

FIs have five duties under the framework, including a newly added requirement to implement real-time fraud surveillance.

Trading & Investment

SGX FX Targets Growth in Electronic FX Options Trading

By Mark Johnston | 25/10/2024

SGX FX CEO Lee Beng Hong said there is a “big opportunity” to bring efficiency to FX options, which still largely trade bilaterally or on voice.

Fraud, Scams & Cybercrime

Singapore Raises Concerns Over Surge in Scams on Telegram

By Nithya Subramanian | 23/10/2024

During the first half of 2024, the number of scam cases reported on Telegram spiked by 137%, said Singapore minister Sun Xueling.

Anti-Money Laundering

MAS, ABS Issue Guidance on Conducting AML/CFT Audits

By Nithya Subramanian | 22/10/2024

MAS issued a circular offering guidance for AML/CFT audits at FIs, while the ABS released a best practice paper to enhance audit standards.

Anti-Money Laundering

MAS Updates AML/CFT Guidelines to Support COSMIC Initiative

By Editors | 22/10/2024

The Guidelines to Notice 626 and Notice FSM-N02  were revised to align with requirements related to the COSMIC information sharing platform.