Singapore

Capital Adequacy

MAS Issues Notice on Basel III Implementation

By Editors | 17/05/2024

MAS issued a notice to cancel the 2012 MAS Notice 637 and implement a new notice on the Basel III reforms with effect from 1 July 2024.

Payments & Settlements

StanChart Completes First EUR Transactions on Partior

By Nithya Subramanian | 17/05/2024

The bank completed the transactions between Hong Kong and Singapore involving Siemens and iFAST Financial.

Anti-Money Laundering

Singapore Makes Sixth Conviction in Money Laundering Case

By Nithya Subramanian | 15/05/2024

Turkish national Vang Shuiming was sentenced to “13 months and six weeks” imprisonment and required to forfeit S$179mn in assets.

Tokenisation

Deutsche Bank Joins Singapore’s Project Guardian

By Nithya Subramanian | 15/05/2024

The bank will test an open architecture and interoperable blockchain platform to service tokenised and digital funds.

AI Risk & Governance

Singapore to Boost Attractiveness of Accountancy Sector

By Nithya Subramanian | 15/05/2024

Accountancy Workforce Review Committee offers recommendations to build a sustainable pipeline of talents in the accountancy sector.

Cryptocurrency

MAS Grants Major Payment License to XREX Singapore

By Nithya Subramanian | 14/05/2024

The approval authorises six payment services, including cross-border money transfer, e-money issuance and DPT services.

Cybersecurity

Singapore: Next Phase of FSMA Implementation Has Commenced

By Editors | 14/05/2024

MAS can now impose fines up to S$1mn for non-compliance with technology risk management requirements.

Structural Regulation

MAS Finalises Rules for New OTC Derivatives Reporting Regime

By Manesh Samtani | 14/05/2024

The final regulations come into operation on 21 October 2024, introducing the UPI, UTI, CDE and ISO 20022 in reporting.

Structural Regulation

MAS Appoints New Chairman of the Board

By Nithya Subramanian | 14/05/2024

Minister for Trade and Industry Gan Kim Yong has been appointed Chairman for a two-year period.