Featured Singapore

Malaysia ‘open’ to settling with Goldman and dropping 1MDB charges

Goldman Sachs has been negotiating with the Malaysian authorities to drop criminal charges against three of its subsidiaries in connection with three bond issues by 1Malaysia Development Berhad, or 1MDB. The government is seeking $3.3 billion in compensation from the U.S. investment bank, accusing it of helping a Malaysian businessman… Read More

Standard Chartered Taps New Southeast Asia Private Bank Head Amid Review

Standard Chartered Plc hired Cedric Lizin to head private banking for southeast and south Asia after executive Srinivas Siripurapu resigned. The change in management comes at a sensitive time for the unit. Bloomberg News reported last month the private bank is in the process of reviewing all of its… Read More

Global remittance startups rush into Asia counting on deregulation

Cross-border payment startups are rushing into Asia as deregulation of the sector has enabled online services to operate in the region, in a major threat to existing banks. Among them, TransferWise, a U.K.-based online remittance company, will launch a debit card in Singapore in the next couple of months and in… Read More
6th September 2019
Singaporean authorities disclosed the launch of a new e-service platform Thursday that is intended to help bank compliance teams identify discrepancies in trade-finance data.  Banks can use the Trade Finance Compliance (TFC) service, which hosts data obtained from permits issued by Singapore Customs, to conduct anti-money laundering (AML) compliance… Read More
14th August 2019
Singapore’s central bank is raising its guard against money launderers increasingly using onshore shell companies to mask their transactions, a senior official said. Valerie Tay, who heads the anti-money laundering department at the Monetary Authority of Singapore (MAS) said banks had closed accounts of several onshore shell companies over the… Read More
14th June 2019
Brazil’s Petrobras found suspicious activity in its oil trading business – and failed to stop it – six years before an alleged bribery scandal erupted in that unit in 2018, according to three people with knowledge of the situation and documents seen by Reuters. A 2012 internal probe at the… Read More
12th June 2019
Grab, Southeast Asia’s most valuable start-up, is exploring a move into Singapore banking as regulators in the Southeast Asian city-state consider allowing online-only banks, four people with knowledge of the process said. Grab is close to hiring a consultancy to advise it on its banking potential and is gearing up… Read More
29th May 2019
Growing demand by Asia’s rich for independent advisory services and access to a wide variety of investment products is spurring the surge of boutique wealth managers more associated with the established wealth hubs of Switzerland and London. The boutiques, or so-called external asset managers (EAMs), mainly tap small-and-mid-level business owners… Read More
26th April 2019
Singapore’s securities regulator has called for an independent review of fraud allegations made by a short-seller against Best World International Ltd, which knocked 9 percent off the cosmetics firm’s share price on Wednesday. Shares in the closely held Singapore-listed firm have halved since February when local media questioned Best World’s… Read More
28th March 2019
Local staff at the Singapore office of Wirecard may have committed crimes but these were not material to the German payment company’s financial position, an investigation by an outside law firm has found. Shares in Wirecard, under pressure since the Financial Times ran the first of a series of investigative… Read More
13th February 2019
Precious metal dealers in Singapore will have to conduct stricter customer due diligence checks (CDD) and submit details of suspicious transactions, under new measures to combat money laundering and terrorism financing. Law Minister Edwin Tong, in a Second Reading speech on the Precious Stones and Precious Metals (Prevention of Money… Read More
4th February 2019
The Monetary Authority of Singapore (MAS) has clarified its stance on whether remittance firms can lend out money following a query about their operations. The query, which was published in the Straits Times, said that many maids were being paid through a remittance firm. In its response, the… Read More
26th October 2018
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