Singapore

AML / KYC

MAS, IMDA Propose Loss Sharing Framework for Phishing Scams

By Manesh Samtani | 25/10/2023

The framework assigns FIs and telcos duties to mitigate phishing scams, requiring them to bear full losses where these duties are breached.

Crypto / Digital Assets

Asia Braces for Wave of AI Regulations

By Blake Evans-Pritchard | 25/10/2023

The EU AI Act is likely to have far-reaching consequences for Asia, data experts tell Regulation Asia.

AML / KYC

ABS Says Anti-Scam Measures Have Been Effective

By Editors | 25/10/2023

Banks prevented more than S$57mn in scams in the first nine months of 2023, and are applying discretionary goodwill frameworks to cushion victims.

Securities / Derivatives

MAS to Streamline Regulatory Regime for Fund Managers

By Editors | 24/10/2023

The RFMCs regime will be repealed. Existing RFMCs will transition to become Licensed Fund Management Companies instead.

Crypto / Digital Assets

SG Court Allows Attaching of Tokenised Freeze Order to Crypto Wallets

By Editors | 24/10/2023

A court-issued freeze order was tokenised as NFTs and attached to wallets linked to a crypto hack.

Singapore’s DBS Experiences Digital Payment Service Disruption

By Editors | 21/10/2023

The 20 October disruption to the bank’s PayLah service came less than a week after a weekend outage that lasted more than 12 hours.

Enforcement

MAS Bans Former AXA and Aviva Financial Advisers

By Editors | 20/10/2023

The former advisers were banned for allowing unlicensed individuals to perform financial advisory services on their behalf.

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.

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.