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AML / KYC
SingHealth Breach Prompts MAS Tightening of Customer Verification
By Garima Chitkara | 26/07/2018
MAS asked financial institutions to use additional information like one-time passwords and biometrics to identify consumers over and above existing consumer verification processes.
Fintech / Regtech
Technology and Regulation: Rapidly Reforming the Funds Industry
By Leo Chen | 25/07/2018
The Asian funds industry is undergoing a period of fundamental change and challenge. This is a result of shifting investor demographics, rapid technological development, the emergence of technology firms and tightening regulation.
AML / KYC
Combating Financial Crime with Data Analytics – MAS
By Manesh Samtani | 24/07/2018
In the year ahead, the MAS will focus on the use of data analytics as well as boosting industry collaboration in its fight against money laundering and terrorism financing.
Capital / Liquidity
MAS Consults on Resolution Regime Amendments
By Editors | 21/07/2018
Amendments include introduction of a contractual recognition requirement into financial contracts governed by foreign laws, the statutory bail-in regime, and creditor compensation framework, among others.
Fintech / Regtech
Singapore, Korea Agree to Cooperate on Fintech
By Garima Chitkara | 19/07/2018
MAS and Korea’s FSC have signed an agreement to provide regulatory support to fintech firms from either country looking to expand in the other.
AML / KYC
MAS Proposes Amendments to Misconduct Reporting Regime
By Garima Chitkara | 12/07/2018
Proposed changes aim to provide greater clarity on requirements and reduce errors in the submission of misconduct reports; reference checks to be mandatory when recruiting staff.
Market Infrastructure
AxiomSL Announces Completion of Open Taxonomy to Streamline MAS 610 Compliance
By Manesh Samtani | 09/07/2018
Industry initiative has condensed over 300,000 data points required by MAS 610 into 1,000 reuseable business concepts, simplifying and streamlining compliance with the reporting mandate.
Enforcement
MAS Reprimands Asset Manager for Late Regulatory Submissions
By Manesh Samtani | 08/07/2018
Annual declarations, auditor reports and director change notifications were submitted up to three years late by Taiyo Asset Management; director found guilty of misconduct for failure to implement compliance controls.
Fintech / Regtech
Singapore Accelerates Shift to Digital Economy
By Manesh Samtani | 21/06/2018
MAS board member Ong Ye Kung pledges to eliminate cheque usage by 2025, while also reducing the need for ATM cash withdrawals, through increased adoption of e-payments.
Fintech / Regtech
HK Virtual Bank Licence Offers Nothing New for Local Market
By Peter Guy | 20/06/2018
The HKMA and its new regulations fail to recognise that virtual banking has long existed. Redundant and irrelevant rules only hold back fintech development in Hong Kong.
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