MONETARY AUTHORITY OF SINGAPORE

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    Securities / Derivatives

    FSS Governor Promotes Korea Finance in Southeast Asia Tour

    By Mark Johnston | 13/05/2023

    FSS chief Lee Bok-hyun met with central bank governors and global investors to showcase the potential of Korea’s financial market.

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    Capital / Liquidity

    MAS Considers Possible Changes to Deposit Insurance Scheme

    By Sanday Chongo Kabange | 10/05/2023

    MAS will issue a consultation by the end of June on proposals to ensure Singapore’s deposit insurance scheme remains fit for purpose.

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    AML / KYC

    MAS to Consult on Scam Loss Sharing Framework in Q3

    By Manesh Samtani | 09/05/2023

    Senior Minister Tharman Shanmugaratnam said the framework will include obligations for telcos, not just FIs and consumers.

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    Crypto / Digital Assets

    MAS Proposes Amendments to Payment Services Regulations

    By Editors | 09/05/2023

    The consultation covers amendments to Payment Services Regulations and existing notices to include newly scoped-in payment services like DPT services.

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    AML / KYC

    Singapore Passes Bill to Enable Data Sharing via COSMIC

    By Editors | 09/05/2023

    COSMIC will be rolled out in phases starting from H2 2024, enabling banks to alert one another about illicit activity involving their customers.

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    Enforcement

    MAS Imposes Additional Capital Surcharge on DBS for Outages

    By Editors | 05/05/2023

    A new disruption on 5 May prevented users from accessing digital banking, mobile wallet, brokerage, and ATM services.

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    Market Infrastructure

    Indonesia, Korea to Use Local Currency in Bilateral Transactions

    By Editors | 02/05/2023

    BI and BOK will enable direct exchange rate quotations between the Korean won and the Indonesian rupiah in interbank trading.

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    Market Infrastructure

    Singapore, US Run Cross-border Cybersecurity Exercise

    By Editors | 02/05/2023

    US Treasury and MAS tested information exchange protocols and incident response coordination for cyber incidents involving banks operating in both jurisdictions.

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    AML / KYC

    Singapore: 1st Phase of Financial Services and Markets Act Commences

    By Editors | 01/05/2023

    The first phase covers general powers over FIs, powers regarding AML/CTF, and dispute resolution schemes.

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    Enforcement

    Singapore Trader Sentenced to Jail, Fine for SFA Breach

    By Editors | 27/04/2023

    The trader would sell the securities to his relatives before buying them back at higher prices using his employer’s accounts.

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