Singapore

Cryptocurrency

New Requirements Commencing for Crypto Firms in Singapore

By Manesh Samtani | 02/04/2024

The amendments take effect in stages from 4 April 2024, with transitional arrangements for firms currently conducting activities under the expanded scope of the Payment Services Act.

Structural Regulation

Five BNPL Providers to Become Accredited in Singapore

By Nithya Subramanian | 02/04/2024

The five providers are being awarded a Trustmark that will signify their accreditation and compliance with the BNPL Code of Conduct.

Operational Risk

DBS Making Good Progress on Technology Resiliency: CEO

By Nithya Subramanian | 02/04/2024

“Complete clarity” on whether transactions are successful will be made available by end-April, along with options for alternative channels when the system is down.

Structural Regulation

RFMCs Have Until 30 June to Apply for New LFMC Licences: MAS

By Nithya Subramanian | 02/04/2024

RFMCs have a three-month window to apply to transition to the LFMC regime, following which the RFMC regime will be repealed on 1 August.

Anti-Money Laundering

MAS Proposes to Require Market Operators to Conduct AML/CFT Checks

By Nithya Subramanian | 01/04/2024

The checks would have to be performed on non-FI market participants that trade directly on organised markets without going through capital market intermediaries.

Anti-Bribery & Corruption

Two Ex-Sembcorp Marine Execs Charged in Singapore for Corruption Offences

By Editors | 01/04/2024

The two former executives face five charges over bribes paid to Brazilian officials and politicians to further the company’s business interests in the country.

Anti-Money Laundering

‘COSMIC’ Information Sharing Platform Launches in Singapore

By Editors | 01/04/2024

COSMIC allow banks to share information on suspicious customers or transactions to help detect and prevent financial crime.

Anti-Money Laundering

Singapore: ACIP Sheds Light on Use of Data Analytics for AML/CFT

By Manesh Samtani | 30/03/2024

New paper discusses current and future uses of data analytics for AML/CFT, and how information shared over COSMIC could be leveraged to enhance such solutions.

Anti-Money Laundering

MAS Extends Suspension on “Non-Specified Channels” for China Remittances

By Ranamita Chakraborty | 30/03/2024

Since the initial suspension in December, MAS has not received reports of remittances to China being frozen.