Monetary Authority of Singapore

Enforcement

Singapore Sentences 10th Individual in Money Laundering Case

By Nithya Subramanian | 11/06/2024

Su Jianfeng was sentenced to 17 months. Meanwhile, banks are tightening scrutiny of wealthy clients and providing additional training to staff.

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.

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.

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.

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.

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.

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.

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.

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.