Monetary Authority of Singapore

Capital / Liquidity

HK, Singapore, Indonesia Assessed as NSFR, LEX Compliant

By Editors | 22/03/2020

Hong Kong, Singapore and Indonesia were assessed as compliant with global standards for the net stable funding ratio and large exposures framework.

AML / KYC

MAS Penalises Trust Company for AML/CFT Failings

By Editors | 20/03/2020

TMF Trustees Singapore was penalised SG$400,000 for failing to verify the source of wealth and monitor transactions on an ongoing basis.

Market Infrastructure

Singapore Steering Committee Publishes SORA Transition Roadmap

By Editors | 19/03/2020

Banks aim to start active trading in SORA derivatives in the second half of the year, and SORA-based loans will launch by year-end.

Enforcement

MAS Bans Six Individuals for Fraud and Dishonest Conduct

By Editors | 19/03/2020

The first five individuals abused their clients’ trust for their personal gain and the last evaded taxes. All six also received prison sentences.

Market Infrastructure

Fed Establishes FX Swap Lines with Nine Central Banks

By Editors | 19/03/2020

Temporary currency swap lines will be established with 9 central banks – including BOK, RBA, MAS and RBNZ – to lessen the strain on US dollar funding markets.

Securities / Derivatives

MAS Revises Code on Collective Investment Schemes

By Manesh Samtani | 16/03/2020

The changes extend the requirements imposed on approved trustees and managers to VCCs, VCC directors and VCC custodians, while also introducing a best interest duty.

Market Infrastructure

MAS 610/1003 Pilot Testing Gateway Set for April Launch

By Manesh Samtani | 02/03/2020

A six-month parallel reporting phase for the new MAS 610/1003 returns was meant to start from 1 April, but this was pushed forward by three months earlier in the year.

Fintech / Regtech

Is RegTech Coming of Age in Australia?

By Stephen Scott | 25/02/2020

Regtech is not fintech, says Stephen Scott at Starling. While fintech firms look to regulators for permission, what most regtech firms require from regulators is their collaboration.

Market Infrastructure

MAS Issues Guidance on Investment Suitability, Pricing in Private Banking

By Editors | 17/02/2020

MAS looks to private banks’ boards and senior management to ensure the effectiveness of policies, processes, controls and systems in sales and advisory practices, and to shape the staff behaviour.