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
15th January 2018
Singapore applies the same anti-money laundering (AML) rules for traditional or fiat currency as it does for virtual currencies, Singaporean Deputy Prime Minister Tharman Shanmugaratnam said in response to a parliamentary question on AML enforcement in crypto transactions. Shanmugaratnam, who is also the minister in charge of regulator the Monetary… Read More
9th January 2018
Singapore: The Attorney-General’s Chambers (AGC) is seeking the assistance of other authorities in the investigation into the Keppel Offshore and Marine (Keppel O&M) bribery and corruption scandal, Senior Minister of State for Finance and Law Indranee Rajah told Parliament on Monday (Jan 8). Most of the documents and testimony attesting… Read More
19th December 2017
The Monetary Authority of Singapore (MAS) has issued two more Prohibition Orders against individuals linked to the 1Malaysia Development Bhd (1MDB) state fund money laundering scandal. On Tuesday it announced a lifetime PO against Mr Yeo Jiawei and a three-year PO against Mr Kevin Scull. The regulator had earlier… Read More
24th November 2017
KYC360 News Singapore’s central banking authority is seeking views on plans to regulate risks to payment services such as money laundering and terrorism financing. The Monetary Authority of Singapore (MAS) has published its second consultation on the Payment Services Bill which also aims to empower it to set… Read More