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AML / KYC
Singapore Shell Companies Vulnerable to Money Laundering: MAS
By Editors | 14/08/2019
While money launderers and tax evaders have traditionally used offshore companies, some have shifted to onshore companies to evade detection.
Fintech / Regtech
Singapore Brokers Directed to Enhance Trade Surveillance Systems
By Manesh Samtani | 08/08/2019
MAS and SGX RegCo have released a practice guide outlining five guiding principles for brokers to use in the review and design of their trade surveillance programmes.
Fintech / Regtech
MAS Launches Faster Option Sandbox Testing
By Editors | 08/08/2019
Sandbox Express entails an approval process of just 21 days before firms can start testing innovative financial products and services in a pre-determined environment.
Market Infrastructure
Singapore Finalises Tax Framework for VCCs
By Editors | 07/08/2019
An umbrella VCC needs to file a single corporate income tax return, regardless of the number of sub-funds. GST and stamp duty will be applied at the sub-fund level.
Market Infrastructure
MAS Mandates Baseline Requirements on Cyber Hygiene
By Editors | 07/08/2019
The legally binding cyber hygiene requirements must be implemented by all MAS regulated financial institutions by 6 August 2020.
AML / KYC
MAS Targets Market Abuse with Proposed New Requirements
By Editors | 06/08/2019
Capital market licensees will have to record all client communications and capture their mobile device IDs. Foreign intermediaries will have to provide UBO information on request.
Market Infrastructure
ABS Updates Guidance on Cloud Outsourcing Arrangements
By Manesh Samtani | 05/08/2019
The updated guide offers best practices to ensure resiliency and recoverability while maximising the benefits FIs derive from cloud outsourcing arrangements, including for ‘critical systems’.
Big Picture
Singapore: Two-Thirds of Consumers Willing to Try Digital Banks
By Editors | 03/08/2019
A JD Power survey has found that 65% of Singapore customers are interested in opening digital bank accounts. The survey ranked HSBC first, OCBC second and DBS third in customer satisfaction.
Market Infrastructure
Singapore, Australia Benchmarks Gain EU Equivalence
By Editors | 30/07/2019
The European Commission has adopted equivalence decisions for Australian and Singapore financial benchmarks, but repealed existing equivalence for credit rating agencies.
Market Infrastructure
MAS Consults on Subsidiary Legislation for Winding Up VCCs
By Editors | 25/07/2019
The MAS is seeking feedback on proposed subsidiary legislation relating to the insolvency and winding up of a VCC and its sub-funds.
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