Monetary Authority of Singapore

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    Anti-Money Laundering

    Singapore Unveils Planned Measures to Strengthen AML Regime

    By Manesh Samtani | 04/10/2023

    The government will set up an inter-ministerial committee to review the AML regime and consider tightening rules for luxury goods, family offices and immigration.

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    Operational Risk

    Operational Resilience, Skills Key to Banks’ Technological Sophistication – MAS

    By Jill Wong | 03/10/2023

    The MAS’s Vincent Loy highlights the operational challenges facing banks as they seek to build technology skills and sophistication.

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    Supervision & Enforcement

    Three Arrows Capital Co-Founder Jailed in Singapore

    By Mark Johnston | 03/10/2023

    The co-founder was jailed for not cooperating with the liquidator’s effort to recover funds to return to the creditors of the collapsed hedge fund.

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    Payments & Settlements

    MAS Querying DBS Regarding Disruption of Payment Services

    By Mark Johnston | 03/10/2023

    MAS is following up with DBS to identify the root cause of a disruption to the bank’s FAST and PayNow services last week.

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    Cryptocurrency

    Coinbase, Sygnum, GSR Win New Approvals in Singapore

    By Manesh Samtani | 03/10/2023

    Coinbase and Sygnum Singapore obtained full Major Payment Institution licences. GSR Markets Pte Ltd received in-principle approval.

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    Resolution & Recovery

    MAS Proposes Recovery & Resolution Planning Requirements for Insurers

    By Editors | 03/10/2023

    MAS plans to issue a new notice setting out requirements for insurers to prepare and test recovery plans, and enhance its resolution powers for the insurance sector.

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    Structural Regulation

    Singapore: New CMFAS Exams to Commence from 1 April 2024

    By Editors | 30/09/2023

    The commencement date was announced in MAS’ response to a 2020 consultation on competency requirements for financial advisers and CMS licence holders.

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    CBDCs

    BIS Innovation Hub Concludes Project Mariana Trials

    By Editors | 29/09/2023

    The project explored the use of DeFi automated market makers for the cross-border exchange of CBDC in different currencies.

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    AI Risk & Governance

    How Should Financial Institutions Govern AI Usage?

    By Ranamita Chakraborty | 28/09/2023

    Ying Yi Liew from Baker McKenzie Wong & Leow discusses AI governance considerations for financial institutions in Singapore at the recent TechLaw.Fest.

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    Sustainable Finance

    MAS Proposes Approach to Financing Early Retirement of Coal Plants

    By Editors | 27/09/2023

    A new paper by MAS and McKinsey proposes the generation and sale of “transition credits” to reduce the economic gap from retiring a coal plant early.

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