Featured Singapore

Singapore Proposes to Strengthen FIs’ Identity Verification Process

MAS (Monetary Authority of Singapore) has issued a consultation paper on the types of information required for non-face-to-face verification of an individual’s identity. The proposed requirements come against the backdrop of rising impersonation scam cases, and seek to address the risks arising from theft and misuse of an individual’s personal… Read More

Singapore central bank says to prioritise curbing disclosure breaches, money laundering

Singapore’s central bank said on Wednesday it would prioritise combatting disclosure breaches, mis-selling of financial products, and money laundering in a report on financial markets oversight. The Monetary Authority of Singapore also said it would focus on countering terrorism financing in its ‘Enforcement Report’ that is published every 18 months. Read More

U.S. unveils more sanctions on Iran and sells off Iranian oil

The Trump administration on Thursday unveiled a set of punitive measures against Iran, including sanctions for petrochemical sales, in a pre-election move that analysts say could complicate efforts if a new administration takes office and seeks to rejoin the nuclear agreement with the country. The Treasury and State departments sanctioned… Read More
23rd October 2020
Goldman Sachs, one of Wall Street’s oldest and most prestigious banks, will pay $2.9 billion in penalties and fees to settle federal charges over its involvement in a Malaysian bribery scheme, the Justice Department announced Thursday. Prosecutors in the Eastern District of New York charged the bank with conspiracy to… Read More
22nd October 2020
Last month, the Monetary Authority of Singapore (MAS) released new guidance on strengthening AML/CFT controls in private banking, based on inspections the regulator conducted over 2019 and 2020. Among the key areas of concern, MAS called for “robust corroboration” of source of wealth (SoW) and source of funds (SoF),… Read More
22nd October 2020
Brazilian police expanded a long-running corruption probe at state-controlled oil company Petroleo Brasileiro SA based in part on secret recordings made by a former executive of Swiss trading firm Vitol SA, according to court documents released on Tuesday. Police on Tuesday served warrants seeking documents from six people and two… Read More
20th October 2020
Goldman Sachs Group Inc. has reached a long-awaited pact with the U.S. Department of Justice to pay more than $2 billion for the bank’s role in Malaysia’s 1MDB scandal, and the deal may be announced within days, according to people familiar with the matter. The accord, part of an international… Read More
9th October 2020
With the help of United Overseas Bank (UOB), the police’s Anti-Scam Centre recently recovered more than US$4.91 million (S$6.7 million) stolen from an alleged business email scam — the largest sum recovered since the centre was set up last year. The police said in a media briefing on Thursday (Oct… Read More
2nd October 2020
Singapore’s financial regulator ordered Wirecard AG’s local entities to cease their payment activities and return all customer funds by Oct. 14. The local unit of the embattled German payments company informed the Monetary Authority of Singapore that it’s unable to continue providing payment processing services to “a significant number… Read More
2nd October 2020
The recent $200 million hack of Singapore-based major cryptocurrency exchange KuCoin has been making headlines, but the difference between this attack and others in the past has been the hacker’s blatant utilization of everyone’s favourite new crypto frontier – DeFi (decentralized finance). The KuCoin hacker must have had a lightbulb… Read More
28th September 2020
More than $55m was transferred in and out of suspicious bank accounts linked to Lamine Diack, the disgraced former head of global athletics, and his son, Papa Massata, according to a huge leak of secret financial documents. Last week the Diacks were sent to prison for their part in… Read More
24th September 2020
BuzzFeed News — With a website claiming more than 200 employees and an office in a business complex in the middle of Singapore, Ask Trading — “a trading and investment company focusing on the Russia/CIS market” — might appear to be a thriving midsize business. But actually it’s… Read More
23rd September 2020
Government plans an investigation into Trafigura, a minority owner in state-owned mining firm Terrafame, amid suspicions that it laundered hundreds or millions of euros through tax havens, according to Economic Affairs Minister Mika Lintilä (Cen). The revelations emerged from a major leak of confidential documents to US news site… Read More