Featured Singapore

US sanctions Singapore companies over North Korea dealings

AP — The United States imposed sanctions Thursday on the Singapore-based director of a commodities company accused of laundering money for North Korea through the U.S. financial system. The Department of Justice also unsealed criminal charges against the person, Tan Wee Beng, accusing him of “a… Read More

Payments: Singapore does not aim to become completely cashless, says minister

Singapore has made a smooth transition to electronic payments and there has been a sharp drop in cash withdrawals at ATMs, however, the jurisdiction does not intend to scrap cash, according to Singaporean Deputy Prime Minister Tharman Shanmugaratnam. Electronic payments are growing ‘in ease’ with more than 8 in 10… Read More

Singapore: Banks urged to create basic, ‘risk-free’ accounts

Banks in Singapore have been urged to consider the possibility of introducing bank accounts that offer basic services and also have safeguards from money laundering risks, amid concerns some sectors in society are being denied access to banking. Although Singapore is a highly-banked country, there are pockets of society… Read More
25th July 2018
The Monetary Authority of Singapore (MAS) has issued a circular to all financial institutions, instructing them to tighten their customer verification processes. The move follows the recent cyber attack at SingHealth where personal information of 1.5 million individuals was illegally accessed. For access to online financial services, banks in… Read More
22nd June 2018
AP — A leading South Korean cryptocurrency exchange said Wednesday that $31 million worth of virtual currencies have been stolen by hackers, a latest in the series of recent hacks that raised security concerns. Bithumb, South Korea’s second-largest exchange, said cyberattacks from late Tuesday night to Wednesday morning led to… Read More
1st May 2018
The Monetary Authority of Singapore (MAS) has published guidelines on proposed measures it expects financial institutions (FIs) to implement towards strengthening accountability and improving conduct within their top ranks. MAS, which already has legislation similar to the United Kingdom’s senior management and certification regime, said the new proposals supplement its… Read More
26th March 2018
The Indian government’s controversial programme aimed at cracking down on black money has created hardship for some communities, a Singaporean government minister said. Singaporean education minister Ong Ye Kung made reference to the demonitisation programmenin a speech on India’s changing financial landscape. “A major and rather unorthodox step taken by… Read More
19th March 2018
The Monetary Authority of Singapore (MAS) has penalised Standard Chartered Bank Singapore Branch (SCBS) and Standard Chartered Trust Singapore (SCTS) for breaching its anti-money laundering (AML) and counter terrorist financing (CFT) rules, the regulator said on Monday. MAS found SCBS’ and SCTS’ risk management and controls pertaining to transfers were… Read More
12th March 2018
Ratings agency Standard and Poor’s weakened its risk assessment criteria to win business and turn out high ratings on opaque debt products that started to unwind during the global financial crisis, an Australian court heard on Monday. The U.S.-based ratings agency is being sued for at least A$190 million ($150… Read More
6th March 2018
AP — The Singapore-based organizer of a $2 million initial coin offering (ICO)linked to a promotion involving a 2.08-carat blue diamond ring and luxury dinner raffle cancelled the plan Tuesday, leaving thousands of investors from dozens of countries in need of refunds. Singapore-registered V Diamonds began selling tokens… Read More
21st February 2018
Some of the biggest electronics bazaars in Asia are being flooded with customers looking for the latest piece of technology: cryptocurrency mining rigs. Scores of miners from around the world are traveling to places like Hong Kong’s Sham Shui Po and Singapore’s Sim Lim Square to buy the rigs, which… Read More
11th February 2018
The Monetary Authority of Singapore (MAS) has published guidance on the use of technology when signing up customers at banks and other financial firms. The regulator, which expects financial institutions (FIs) to implement robust controls when on-boarding customers in order to prevent money laundering and terrorism financing, already allows some… Read More
16th January 2018
Singapore’s financial regulator has proposed new customer checks for forex, money changing and remittance businesses in order to curb financial crime risks. The Monetary Authority of Singapore (MAS) on Tuesday published a consultation seeking industry views on its planned new rules that will require remittance firms to perform customer… Read More