No precious stone left unturned: the burden of AML compliance in Singapore
28th October 2019
No precious stone left unturned: the burden of AML compliance in Singapore
Marilyn Monroe may have sung that diamonds are a girl’s best friend, but when it comes to sparklers, regulators here are keeping their friends close – and their enemies closer. Precious stones and metals dealers (PSMDs) must register with the Ministry of Law (MinLaw)to keep plying their trade, under legislation… Read More
Malaysia ‘open’ to settling with Goldman and dropping 1MDB charges
17th October 2019
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
4th October 2019
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
10th September 2019
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
Singapore Launches Trade-Data Platform for AML Compliance
6th September 2019
Singapore Launches Trade-Data Platform for AML Compliance
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
Singapore steps up scrutiny of shell firms to combat money laundering
14th August 2019
Singapore steps up scrutiny of shell firms to combat money laundering
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
Petrobras ignored warnings about fuel broker implicated in graft probe
14th June 2019
Petrobras ignored warnings about fuel broker implicated in graft probe
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
Grab eyes Singapore banking license as regulator studies virtual banks – sources
12th June 2019
Grab eyes Singapore banking license as regulator studies virtual banks – sources
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
Asia’s billionaires develop taste for boutique wealth managers
29th May 2019
Asia’s billionaires develop taste for boutique wealth managers
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
Singapore regulator seeks review of fraud allegations at cosmetics firm Best World
26th April 2019
Singapore regulator seeks review of fraud allegations at cosmetics firm Best World
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
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