Wirecard shares soar after law firm clears head office of wrongdoing
28th March 2019
Wirecard shares soar after law firm clears head office of wrongdoing
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
Money laundering: Singapore discusses new rules, CDD for gold dealers
13th February 2019
Money laundering: Singapore discusses new rules, CDD for gold dealers
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
Can remittance companies lend money? Singaporean regulator explains
4th February 2019
Can remittance companies lend money? Singaporean regulator explains
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 watchdog cited… Read More
US sanctions Singapore companies over North Korea dealings
26th October 2018
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
12th September 2018
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
9th August 2018
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
Singapore regulator directs banks to tighten customer verification process
25th July 2018
Singapore regulator directs banks to tighten customer verification process
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
South Korean crypto exchange loses $31 million from hack
22nd June 2018
South Korean crypto exchange loses $31 million from hack
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
Singapore: Regulator ‘to strengthen individual accountability’ of senior managers
1st May 2018
Singapore: Regulator ‘to strengthen individual accountability’ of senior managers
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
India’s anti-dirty money scheme caused hardship for rural communities — Singapore minister
26th March 2018
India’s anti-dirty money scheme caused hardship for rural communities — Singapore minister
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
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