Singapore

Cloud & Infrastructure

MAS Issues New Rules on Managing Outsourced Services

By Manesh Samtani | 12/12/2023

Banks will have to provide details to MAS about the services they outsource and ensure it can audit the service providers and obtain records and documents from them.

Anti-Money Laundering

Singapore Single-Family Offices Scrutinised for Money Laundering Risks

By Ranamita Chakraborty | 12/12/2023

Legal experts advising SFOs view proposed regulatory measures as incremental steps toward AML compliance amid the financial hub’s biggest money laundering scandal.

Anti-Money Laundering

Singapore: Resorts World Sentosa Fined for AML Failures

By Editors | 11/12/2023

Resorts World Sentosa did not perform customer due diligence checks and identity verification when receiving cash from third party depositors.

Conduct, Culture & Accountability

MAS Updates CMSL Guidance on CEO and Director Appointments

By Manesh Samtani | 09/12/2023

Capital markets firms must ensure proposed CEOs and directors are fit and proper and have 10 years of experience that is “relevant” to the role.

Capital Adequacy

Adapting to Regulatory Changes is a Challenge for Insurers

By Nithya Subramanian | 08/12/2023

Insurers must track regulatory changes and make operational adjustments to meet new requirements, said the Clearwater Analytics survey.

CBDCs

Singapore, China Announce New Bilateral Cooperation Agreements

By Manesh Samtani | 08/12/2023

The agreements include a cross-border e-CNY pilot, a possible PayNow-UnionPay linkage, and an MoU between SGX and GFEX.

ESG Data

MAS Finalises Code of Conduct for ESG Rating & Data Providers

By Ranamita Chakraborty | 07/12/2023

The regulator expects providers to regularly review their methodologies and data sources for better transparency.

Anti-Money Laundering

MAS Consults on Scope of Customers Relevant to COSMIC

By Manesh Samtani | 07/12/2023

Any person who requests the bank in Singapore to carry out a transaction would be in scope, whether or not an account has been opened or the transaction is carried out.

Sustainable Finance

MAS Establishes Energy Transition Acceleration Finance Partnership

By Editors | 06/12/2023

The new ‘energy transition acceleration finance partnership’ will help to mobilise capital to finance energy transition projects in Asia.