21st July 2016
A business integrity research has found that only 54 percent of the top listed companies in five ASEAN countries have publicly disclosed commitment to anti-corruption. Read More
21st July 2016
Singapore plans to take "firm regulatory actions" against four major banks over their dealings with scandal-ridden Malaysian state fund 1MDB. Read More
21st July 2016
The Monetary Authority of Singapore (MAS) on Thursday (Jul 21) said that the preliminary findings of its probe related to Malaysian state fund 1Malaysia Development Bhd (1MDB) showed lapses and weakness in anti-money laundering (AML) controls in some Singapore-based financial institutions. It said that its supervisory examinations of FIs with 1MDB-related… Read More
18th July 2016
Three Swiss banks as well as a Singapore firm are reportedly being scrutinized for their dealings with Malaysian state fund 1MDB after Banca della Svizzera Italiana, or BSI, was shut down in Singapore for violations of money-laundering rules. UBS, Falcon Private Bank, and Coutts International are being reviewed by financial… Read More
18th July 2016
Singapore’s central bank is scrutinizing several banks, including UBS and DBS Group Holdings, to see if they broke anti-money laundering rules in handling transactions linked to Malaysian state fund 1MDB, three people with knowledge of the matter said. The Monetary Authority of Singapore is looking at several aspects of the… Read More
15th July 2016
As one of the leading financial centres in Asia, Singapore is committed to uphold the confidence in the financial system with zero tolerance over serious breaches of AML requirements. The Monetary Authority of Singapore (MAS) imposed financial penalties amounting to $13.3 million for 41 breaches of AML regulations and has served BSI Bank Limited notice to shut down… Read More
14th July 2016
UBS Group AG flagged suspicious transactions linked to 1Malaysia Development Bhd. to the Monetary Authority of Singapore, prompting an investigation of the accounts involved, a person familiar with the matter said. The transactions were not immediately recognized by UBS as suspicious, said the person, who asked not to be identified… Read More
12th July 2016
Singapore takes the possibility of being used as a conduit for money laundering and terrorist financing activities “very seriously”, and the Monetary Authority of Singapore (MAS) will not hesitate to take action against financial institutions whose anti-money-laundering controls are found to be lacking, Minister for National Development Lawrence Wong said… Read More
4th July 2016
Singapore is rushing to reinvent itself as Asia’s financial technology, or fintech, hub to fend off a regulatory threat to its wealth management industry and revive a sluggish economy. State funding, light-touch regulation and a recent move to allow start-ups to test financial products in a controlled environment have put… Read More
21st June 2016
On 24 May 2016, the Monetary Authority of Singapore (MAS) announced that it had served on BSI Bank Limited (BSI) a notice of intention to withdraw its status as a merchant bank in Singapore and will impose financial penalties of SGD 13.3 million for 41 breaches of MAS Notice 1014… Read More