MONETARY AUTHORITY OF SINGAPORE

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    AML / KYC

    Singapore Sentences 9th Individual in Money Laundering Case

    By Manesh Samtani | 10/06/2024

    Wang Dehai was sentenced to 16 months in prison; 17 other suspects at large overseas; Deposits involved in the case were held at 16 banks.

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    Fintech / Regtech

    DBS Experienced Service Disruption on Saturday – Report

    By Nithya Subramanian | 04/06/2024

    A spokesperson said a “small number” of users experienced network issues when accessing DBS/POSB digibank mobile services on Saturday.

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    AML / KYC

    APAC Regulators Form New Anti-Scam Working Group

    By Sanday Chongo Kabange | 04/06/2024

    ASIC will lead the working group, which also comprises MAS and the FMA. The regulators will share more scam-related information and build up capacity and cooperation.

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    Securities / Derivatives

    MAS Issues Guidelines for New Derivatives Reporting Regime

    By Manesh Samtani | 03/06/2024

    The guidelines focus on UTI generation and reporting, as well as re-reporting of contracts that haven’t yet matured when the new regime takes effect.

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    MAS Expands Fair Dealing Guidelines to Include All FIs

    By Nithya Subramanian | 31/05/2024

    The new guidelines apply to all FIs operating in Singapore, regardless of where they are incorporated or where customers are located.

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    Fintech / Regtech

    MAS Observes Data Governance Gaps at Some Banks

    By Nithya Subramanian | 30/05/2024

    Banks that underwent thematic inspections on their data governance and management have taken or are taking remedial actions.

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    AML / KYC

    Singapore Publishes Environmental Crimes ML Risk Assessment

    By Nithya Subramanian | 30/05/2024

    Singapore is assessed to be at medium-low risk for money laundering linked to environmental crimes.

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    Fintech / Regtech

    MAS Released New Project MindForge Whitepaper

    By Editors | 28/05/2024

    Building on the FEAT Principles and Veritas Methodology, the paper introduces a “platform-agnostic” reference architecture for responsible GenAI adoption.

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    Enforcement

    MAS Bans Three Insurance Agents for Falsifying Records

    By Nithya Subramanian | 27/05/2024

    Three former Prudential insurance agents falsified records and furnished false information to the regulator.

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    AML / KYC

    A Radical Re-think on Combatting Trade Based Money Laundering

    By Kelvin Toh | 24/05/2024

    Kelvin Toh discusses the factors hindering current efforts to combat TBML, and what more can be done to combat this activity.

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