Monetary Authority of Singapore

IBF-MAS Initiative to Enhance Capabilities of Family Office Advisors

By Editors | 27/07/2020

A newly launched skills map for family office advisors will help them to deepen their skillsets, expand their career pathways, and enhance Singapore’s family office ecosystem.

AML / KYC

MAS Penalises Asiaciti Trust for AML/CFT Failures

By Editors | 22/07/2020

Asiaciti Trust failed to put in place adequate procedures to establish source of wealth, and did not inquire into unusually large transactions by customers who were PEPs.

AML / KYC

MAS Seeks Expanded Powers to Address Financial Sector Risks

By Manesh Samtani | 21/07/2020

MAS proposes to expand its powers to issue prohibition orders, regulate virtual asset service providers, and impose technology risk management requirements on firms.

Market Infrastructure

MAS Planning Ahead to Avoid ‘Cliff Effect’ of Relief Withdrawal

By Editors | 16/07/2020

“Bank loans and insurance policy premiums will eventually have to be paid,” MAS’ Ravi Menon said, pointing to a need to avoid the ‘cliff effects’ of sudden relief withdrawal.

AML / KYC

OCBC Enables Banking Access Via SingPass Digital Identity

By Editors | 16/07/2020

OCBC’s Aditya Gupta says the use of SingPass as an alternate login for mobile and online banking will give more customers the confidence to bank digitally.

AML / KYC

APAC Regulators Driving Digital Transformation

By Rachel Woolley | 16/07/2020

The pandemic has made it abundantly clear that digital transformation is no longer optional, says Fenergo’s Rachel Woolley.

AML / KYC

MAS Issues AML Outsourcing Guidance for Capital Market Firms

By Editors | 15/07/2020

MAS found material lapses in outsourced AML/CFT controls, largely the result of poor assessment and due diligence processes, and lax oversight and monitoring.

AML / KYC

Sustainable Supply Chains and the Role Banks Play

By Editors | 14/07/2020

Incoming rules from the EU, UK, Singapore and Hong Kong highlight the need for banks to gain a better understanding of the third party and supply chain risks their customers face.

Fintech / Regtech

MAS, Temasek, JPM Complete Final Phase of Project Ubin

By Editors | 13/07/2020

The prototype that was built can integrate with other blockchain-based platforms and be used for cheaper, faster and safer cross-border payments and to settle foreign exchange transactions.