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Anti-Money Laundering
MAS Issues New AML/CFT Notices for Financial Institutions
By Manesh Samtani | 02/03/2022
The Notices cover activities involving precious stones and metals, services and transactions involving digital payment tokens, and risk assessments on shell companies.
Liquidity Risk
MAS Introduces Liquidity Requirement for Recognised Market Operators
By Editors | 01/03/2022
Effective from 28 March, RMOs will have to hold at least 25 percent of their annual operating costs in cash and cash equivalents.
PEPs & Sanctions
Singapore, Korea, Switzerland Announce Sanctions Against Russia
By Manesh Samtani | 01/03/2022
Singapore will block certain Russian banks and financial transactions connected to Russia. Major Singapore banks are already restricting trade financing for Russian commodities.
Fraud, Scams & Cybercrime
MAS Bans Former OCBC Representative for Five Years
By Editors | 24/02/2022
The former representative was convicted of forgery in the State Courts last year, leading MAS to believe she would not perform financial advisory services honestly.
Climate Risk
Singapore Govt, MAS to Extend Support for Businesses
By Editors | 21/02/2022
MAS is extending its SGD facility to support SME lending. Singapore will target net zero emissions by or around 2050, which was previously the target for halving emissions.
Trading & Investment
Singapore Has No Plans to Restrict Retail Investment in SPACs
By Darien Choong | 20/02/2022
Regulatory safeguards and educational efforts mounted by SGX should provide “adequate protection for retail investors and enable them to assess the risk-return trade-offs”.
Fraud, Scams & Cybercrime
Singapore Continues Work to Bolster Digital Banking Security
By Darien Choong | 18/02/2022
New measures include expanding the use of biometric technology, strengthening fraud surveillance and detection algorithms, and enabling customers to trigger account freezes.
Tokenisation
NFTs Are Not Suitable for Retail Investors, MAS Chairman Warns
By Manesh Samtani | 17/02/2022
MAS chairman Tharman Shanmugaratnam said NFTs could be regulated only if they are used to represent capital markets products.
Cryptocurrency
DBS to Offer Retail Crypto Trading by Year End
By Mark Johnston | 15/02/2022
DBS plans to make access to its institutional trading desk for digital assets more convenient and to launch retail services by year-end.
Anti-Money Laundering
MAS Tables Bill to Obtain Enhanced Regulatory Powers
By Sanday Chongo Kabange | 15/02/2022
The Financial Services and Markets Bill will give MAS enhanced regulatory powers to address misconduct, crypto asset and technology risks.
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