Singapore

Structural Regulation

MAS to Streamline Regulatory Regime for Fund Managers

By Editors | 24/10/2023

The RFMCs regime will be repealed. Existing RFMCs will transition to become Licensed Fund Management Companies instead.

Cryptocurrency

SG Court Allows Attaching of Tokenised Freeze Order to Crypto Wallets

By Editors | 24/10/2023

A court-issued freeze order was tokenised as NFTs and attached to wallets linked to a crypto hack.

Operational Risk

Singapore’s DBS Experiences Digital Payment Service Disruption

By Editors | 21/10/2023

The 20 October disruption to the bank’s PayLah service came less than a week after a weekend outage that lasted more than 12 hours.

Conduct, Culture & Accountability

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.

Operational Risk

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.

Fraud, Scams & Cybercrime

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.

Cloud & Infrastructure

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.

Climate Risk

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.

Anti-Money Laundering

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.