SINGAPORE

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    Enforcement

    MAS Instructs DBS, Citi to Investigate Delayed Recovery from Outage

    By Editors | 19/10/2023

    The banks took longer than the required four hours to recover from last Saturday’s outage. MAS said it will take appropriate supervisory actions after gathering the necessary facts.

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    AML / KYC

    Singapore Prosecutors Establish Technology and Crypto Crime Task Forces

    By Editors | 19/10/2023

    Singapore’s Attorney General’s Chambers has established a Technology Crime Task Force and Virtual Currency Task Force.

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    Fintech / Regtech

    MAS to Cooperate with Saudi Central Bank on Fintech

    By Editors | 19/10/2023

    MAS and SAMA will enable cooperation between their innovation departments and share information regarding fintech.

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    ESG / Sustainability

    MAS Issues Net Zero Transition Planning Guidelines for FIs

    By Manesh Samtani | 19/10/2023

    Banks, insurers, and asset managers must “actively support” borrowers, insured parties, and investee companies to progressively decarbonise.

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    AML / KYC

    MAS to Commence Bank AML Inspections Within Weeks – Report

    By Editors | 18/10/2023

    The inspections will target banks whose clients were among those charged in Singapore’s S$2.8bn money laundering case.

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    UOB Kay Hian Redesignates Director After SGX RegCo Queries

    By Sanday Chongo Kabange | 18/10/2023

    SGX RegCo questioned the director’s independence given his substantial shareholding in UOB Kay Hian and long association with the company.

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    Securities / Derivatives

    DSB Launches UPI Service, a Milestone for Derivatives Markets

    By Manesh Samtani | 18/10/2023

    The US, EU, UK, Australia and Singapore will all start requiring UPI reporting for OTC derivatives transactions in 2024.

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    ESG / Sustainability

    MAS Asks Firms to Pilot Transactions in “Transition Credits”

    By Mark Johnston | 17/10/2023

    Ravi Menon is seeking support from the industry to help develop transition credits that can be used to reduce the economic gap from retiring coal plants early.

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    Fintech / Regtech

    US, Singapore to Deepen Collaboration on Responsible AI Innovation

    By Editors | 17/10/2023

    The US and Singapore completed a joint mapping exercise to make their AI governance frameworks interoperable.

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    Enforcement

    MAS Issues Prohibition Orders Against Two Former Insurance Agents

    By Editors | 16/10/2023

    The former insurance representatives submitted a claim for a leg injury despite knowing it occurred before the insurance policy application.

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