Monetary Authority of Singapore

Anti-Money Laundering

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.

Operational Risk

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.

Payments & Settlements

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.

Cybersecurity

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.

Anti-Money Laundering

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.

Market Abuse

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.

Conduct, Culture & Accountability

MAS Proposes Stronger Safeguards for Prospecting, Marketing

By Editors | 25/04/2023

FIs that regularly conduct marketing and distribution activities would have to identify senior managers to exert oversight over these activities.

Conduct, Culture & Accountability

MAS Launches Polytechnic Talent for Finance Scheme

By Editors | 25/04/2023

FIs can tap the scheme to defray the cost of offering internships, apprenticeships and academic sponsorships to polytechnic graduates and students.

Sustainable Finance

Singapore, China Deepen Collaboration on Green Finance

By Editors | 24/04/2023

MAS-PBOC green finance taskforce will work on taxonomy interoperability, the sustainability bond market, and digital green bonds.