Monetary Authority of Singapore

Anti-Money Laundering

Singapore Authorities Tighten Scrutiny of Family Offices

By Nithya Subramanian | 12/06/2024

The annual forms for family offices with tax exemptions now ask for more details about beneficial owners and directors.

Cybersecurity

Singapore Shift to Flexible Work Calls for Extra Safeguards at FIs

By Nithya Subramanian | 12/06/2024

FIs may need to revisit their existing security policies and more closely monitor for staff misconduct.

Anti-Money Laundering

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.

Anti-Money Laundering

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.

Operational Risk

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.

Fraud, Scams & Cybercrime

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.

Structural Regulation

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.

Conduct, Culture & Accountability

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.

Data Privacy

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.