Singapore

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    AML / KYC

    Singapore Unveils Planned Measures to Strengthen AML Regime

    By Manesh Samtani | 04/10/2023

    The government will set up an inter-ministerial committee to review the AML regime and consider tightening rules for luxury goods, family offices and immigration.

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    Fintech / Regtech

    Operational Resilience, Skills Key to Banks’ Technological Sophistication – MAS

    By Jill Wong | 03/10/2023

    The MAS’s Vincent Loy highlights the operational challenges facing banks as they seek to build technology skills and sophistication.

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    Enforcement

    Three Arrows Capital Co-Founder Jailed in Singapore

    By Mark Johnston | 03/10/2023

    The co-founder was jailed for not cooperating with the liquidator’s effort to recover funds to return to the creditors of the collapsed hedge fund.

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    Securities / Derivatives

    SGX Launches First Ammonia Derivatives Contracts

    By Editors | 03/10/2023

    SGX launched its first ammonia swap and futures contracts covering FOB Middle East and CFR East Asia pricing points.

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    Fintech / Regtech

    MAS Querying DBS Regarding Disruption of Payment Services

    By Mark Johnston | 03/10/2023

    MAS is following up with DBS to identify the root cause of a disruption to the bank’s FAST and PayNow services last week.

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    Crypto / Digital Assets

    Coinbase, Sygnum, GSR Win New Approvals in Singapore

    By Manesh Samtani | 03/10/2023

    Coinbase and Sygnum Singapore obtained full Major Payment Institution licences. GSR Markets Pte Ltd received in-principle approval.

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    Capital / Liquidity

    MAS Proposes Recovery & Resolution Planning Requirements for Insurers

    By Editors | 03/10/2023

    MAS plans to issue a new notice setting out requirements for insurers to prepare and test recovery plans, and enhance its resolution powers for the insurance sector.

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    Sanctions

    Singapore Court Rules Against JPMorgan in Trade Sanctions Lawsuit

    By Manesh Samtani | 02/10/2023

    The Court of Appeal ruled that JPMorgan’s use of a sanctions clause to withhold payment on letters of credit was not contractually justified.

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    Singapore: New CMFAS Exams to Commence from 1 April 2024

    By Editors | 30/09/2023

    The commencement date was announced in MAS’ response to a 2020 consultation on competency requirements for financial advisers and CMS licence holders.

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    Crypto / Digital Assets

    BIS Innovation Hub Concludes Project Mariana Trials

    By Editors | 29/09/2023

    The project explored the use of DeFi automated market makers for the cross-border exchange of CBDC in different currencies.

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