Singapore

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.

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.

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.

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.

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.

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.

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.