MONETARY AUTHORITY OF SINGAPORE

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    Fintech / Regtech

    MAS to Exempt Some Market Operators from ACH/RCH Rules

    By Editors | 10/09/2023

    The exemption applies to platforms that provide services to facilitate trading and settlement, but don’t actually act as a central counterparty of clear or settle trades centrally.

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    Crypto / Digital Assets

    MAS Grants RMO Licence to Digital Asset Exchange AsiaNext

    By Editors | 06/09/2023

    AsiaNext, formed in 2021 as a joint venture between SBI Digital Asset Holdings and SIX Group, will cater exclusively to institutions.

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    Enforcement

    MAS Imposes Lifetime Ban on Former Goldman Exec Roger Ng

    By Editors | 05/09/2023

    Roger Ng is banned from regulated activities in Singapore for life, due to his role in the theft of billions of dollars from 1MDB.

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    MAS to Get New Managing Director, Menon to Step Down

    By Editors | 04/09/2023

    Ravi Menon will step down from his role as managing director of MAS and retire from public service on 1 January 2024.

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    AML / KYC

    MAS Offers New Guidance on BO Identification, Complex Structures

    By Manesh Samtani | 01/09/2023

    MAS inspections found “executional lapses” in this area as a result of “weak oversight” and “lack of risk awareness and vigilance”.

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    AML / KYC

    MAS Issues Additional Guidance on Managing Sanctions Risk

    By Manesh Samtani | 31/08/2023

    The guidance covers board and senior management responsibilities and the use of look-back reviews of past transactions.

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    AML / KYC

    Singapore AML Probe Expands to Precious Metals, Property Agents

    By Manesh Samtani | 29/08/2023

    MinLaw urged precious metals dealers to review their transactions and business relationships. The Council for Estate Agencies is investigating property agents.

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    Fintech / Regtech

    OCBC Suffers Near Four-hour Bank Service Outage

    By Editors | 28/08/2023

    OCBC’s internet and mobile banking platforms were disrupted from around 8.30am until around 12.20pm on Monday.

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    MAS Enhances Safeguards for Vulnerable Advice Customers

    By Manesh Samtani | 28/08/2023

    Financial advisory firms have to identify vulnerable customers, conduct pretransaction checks, and ask a “trusted individual” to be present during the sales and advisory process.

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    Market Infrastructure

    Vietnam Joins ASEAN Payment Connectivity Initiative

    By Sanday Chongo Kabange | 28/08/2023

    The inclusion of the SBV has increased the Regional Payment Connectivity group from five to six ASEAN central banks.

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