singapore - Banking & Finance - News

Parliament: Law to tackle Money Laundering passed

The Precious Stones and Precious Metals (Prevention of Money Laundering and Terrorism Financing) Bill, which is part of efforts to boost Singapore's standards of anti-money laundering and countering the finance of terrorism have been passed by the parliament.
Date: 12 February 2019; Type: Legal News; Source: Singapore Law Watch

Singapore to tighten Audit, Valuation Rules

Auditors are to come under greater scrutiny in one of the biggest overhauls of accountancy oversight in Singapore, which could see the Singapore Exchange Regulation (SGX RegCo) ordering second audit on listed companies with clean audits if something does not smell right.
Date: 28 January 2019; Type: Legal News; Source: Singapore Law Watch

MAS revises Takeover Rules for Dual-Class Shares

The Monetary Authority of Singapore (MAS) has revised Singapore's Code on Take-overs and Mergers to clarify that independent shareholders of dual-class companies will not be required to make a general offer if their share of voting rights is pushed past regulatory thresholds under certain circumstances.
Date: 25 January 2019; Type: Legal News; Source: Singapore Law Watch

MAS bans Goldman Sach's Ex-Director for Life

SINGAPORE, Dec 19 (Bernama) - The Monetary Authority of Singapore (MAS) has increased the ban against former Goldman Sachs (Singapore) Pte director, Tim Leissner, to a lifetime prohibition order (PO), following his admission to the criminal charges brought against him by the United States Department of Justice (US DOJ), MAS said in a statement toda ...
Date: 19 December 2018; Type: Legal News; Source: Bernama

New Regulatory Framework to enhance Payment Services in Singapore

SINGAPORE, Nov 19 - The Monetary Authority of Singapore (MAS) has finalised the new regulatory framework for payment services in Singapore. The Payment Services Bill (the “Bill”) will provide a more conducive environment for innovation in payment services, whilst ensuring that risks across the payments value chain are mitigated.
Date: 19 November 2018; Type: Legal News; Source: Monetary Authority of Singapore

MAS proposes New Regulatory Sandbox with Fast-Track Approvals

Singapore, Nov 14 - The Monetary Authority of Singapore (MAS) has released a consultation paper on the creation of pre-defined sandboxes, known as Sandbox Express, to complement the existing FinTech Regulatory Sandbox that was launched in 2016. The aim is to enable firms which intend to conduct regulated activities to embark on experiments more qui ...
Date: 14 November 2018; Type: Industry Updates; Source: Monetary Authority of Singapore

Key Agreements concluded to enhance Regulatory Cooperation, launch of China Bond Index, and Cross-border Payments Tie-up

Singapore, Nov 14 - In a landmark year for financial cooperation between China and Singapore, four milestone agreements were concluded this week between financial regulators and between Financial Institutions (FIs) from both countries. The exchange of regulatory agreements was witnessed by Chinese Premier Li Keqiang and Singapore Prime Minister Lee ...
Date: 14 November 2018; Type: Industry Updates; Source: Monetary Authority of Singapore

MAS to place up to US$5 Billion with Private Equity and Infrastructure Fund Managers

Singapore, Nov 13 - The Monetary Authority of Singapore (MAS) has announced that they have taken initiatives to enhance private markets financing channels, including a programme to place up to US$5 billion for management with Private Equity (PE) and infrastructure fund managers.
Date: 13 November 2018; Type: Industry Updates; Source: Monetary Authority of Singapore

Singapore rated Overall Compliant with International Standards on Exchange of Information

Singapore’s exchange of information upon request regime has been rated as compliant with international tax transparency standards, by the Global Forum on Transparency and Exchange of Information for Tax Purposes (“Global Forum”). This is the highest overall rating a jurisdiction can receive. The assessment is conducted through a p ...
Date: 25 October 2018; Type: Industry Updates; Source: Inland Revenue Authority of Singapore

Warning on Fraudulent Emails impersonating MAS

Singapore, Oct 6 - The Monetary Authority of Singapore (MAS) have warned the public of fraudulent emails purportedly sent from @mas.gov.sg email accounts with subject titles like “Fund Transmittal” and “Singapore Compliance Information”. The emails ask recipients to click on links or open attachments which con ...
Date: 06 October 2018; Type: Industry Updates; Source: Monetary Authority of Singapore

MAS issues Guidelines to facilitate Provision of Digital Advisory Services

Singapore, Oct 8 - The Monetary Authority of Singapore (MAS) today issued the Guidelines on Provision of Digital Advisory Services, to facilitate the provision of these services in Singapore. The guidelines incorporate feedback from the public consultation as well as learning points from MAS’ engagements with the industry.
Date: 08 October 2018; Type: Legal News; Source: Monetary Authority of Singapore

SGX proposes New “trade at close” Session for Securities Market

Singapore Exchange (SGX) is seeking public feedback on the proposed introduction of a new trading session for the securities market, the “trade at close” (TAC), which will take place after the closing auction routine ends.
Date: 21 September 2018; Type: Industry Updates; Source: Singapore Exchange

MAS outlines Enforcement Approach to deter, detect and investigate Breaches of Rules and Regulations

Singapore, Sept 24 - The Monetary Authority of Singapore (MAS) has published an Enforcement monograph to provide greater clarity and transparency into how MAS deters, detects, investigates and takes action against breaches of the rules and regulations it administers. The monograph outlines how MAS’ Enforcement Department works together with t ...
Date: 24 September 2018; Type: Legal News; Source: Monetary Authority of Singapore

USCFTC and MAS sign Arrangement to cooperate on FinTech Innovation

Singapore, Sept 13 (MAS) - The US Commodity Futures Trading Commission (CFTC) and the Monetary Authority of Singapore (MAS) today signed an arrangement to foster greater cooperation in FinTech. The arrangement supports both authorities’ efforts to facilitate FinTech development and innovation in their respective markets. This arrangement is t ...
Date: 13 September 2018; Type: Legal News; Source: Monetary Authority of Singapore

Proposed Changes to the Stamp Duties Act

The Ministry of Finance (MOF) have introduced the Stamp Duties (Amendment) Bill 2018 in Parliament on Monday.
Date: 06 August 2018; Type: Legal News; Source: Ministry of Finance

MAS directs Financial Institutions to tighten Customer Verification Process

Singapore, July 24 - The Monetary Authority of Singapore (MAS) has issued a circular to all financial institutions, directing them to tighten their customer verification processes. This follows the recent cyber attack at SingHealth where personal information of 1.5 million individuals was illegally accessed and stolen.
Date: 24 July 2018; Type: Industry Updates; Source: Monetary Authority of Singapore

MAS issues Prohibition Orders against Chan Seet Fun for Misappropriation of Client Monies

Singapore, 24 July 2018 - The Monetary Authority of Singapore (MAS) has issued 4-year prohibition orders against Ms Chan Seet Fun for the misappropriation of client monies.
Date: 24 July 2018; Type: Legal News; Source: Monetary Authority of Singapore

Securities Industry Council consults on Amendments to Singapore Code on Take-Overs and Mergers

Singapore, July 19 - The Securities Industry Council (the Council) has proposed amendments to the Singapore Code on Take-overs and Mergers (the Code) to clarify the application of the Code provisions to companies with a dual class share structure (DCS companies) that have a primary listing on the Singapore Exchange.
Date: 19 July 2018; Type: Legal News; Source: Monetary Authority of Singapore

SGX proposes to enhance Default Management Capabilities of Derivatives and Securities Clearing Houses

Singapore Exchange (“SGX”) is seeking public feedback on proposed amendments to the clearing rules of Singapore Exchange Derivatives Clearing Limited (“SGX-DC”) and the Central Depository (Pte) Limited (“CDP”) (the “SGX-DC Clearing Rules” and the “CDP Clearing Rules” respectively) to enhan ...
Date: 19 July 2018; Type: Industry Updates; Source: Singapore Exchange

Strengthening AML and CFT Regulation for the Precious Stones and Metals Dealers Sector

The Ministry of Law (MinLaw) announced today that it will put in place a new anti-money laundering and countering the financing of terrorism (AML/CFT) regulatory regime for precious stones and metals dealers (PSMDs) in Singapore. Under the new regime, PSMDs will be required to identify, assess and understand the money laundering and terrorism finan ...
Date: 17 July 2018; Type: Legal News; Source: Ministry of Law

INDUSTRY UPDATES

Justice Ministry: US Claims ‘baseless’

The Ministry of Justice on Tuesday reacted to recent “baseless” claims by the US Embassy in Phnom Penh regarding the case of former opposition leader Kem Sokha, urging the embassy to stop spreading misinformation regarding the implementation of the law in Cambodia.

Read More

INDUSTRY UPDATES

Court adjourns Tony Pua's Appeal against Interim Injunction over RUU355 Video Clip

PUTRAJAYA, Feb 20 (Bernama) - The Federal Court today adjourned the appeal hearing by Damansara Member of Parliament Tony Pua Kiam Wee against an interim injunction order over his alleged video clip relating to the tabling of Syariah Courts (Criminal Jurisdiction) (Amendment) Bill 2016 or RUU355.

Read More

INDUSTRY UPDATES

DOJ urged to Act on Murder Raps vs PNP Men in Lawyer's Death

MANILA, Feb 19 (PNA) - A former Cebu City councilor asked the Department of Justice (DOJ) Monday to charge policemen implicated in the killing of his brother, lawyer Noel Archival, five years ago.

Read More

INDUSTRY UPDATES

Laos, Japan celebrate 20 Years of Legal, Judicial Cooperation

The Lao and Japanese governments have highlighted 20 years of achievement in cooperation to strengthen the legal and judicial sectors in Laos, especially with regard to human resource development.

Read More

INDUSTRY UPDATES

Sarawak Lawyers wants Government to set up RCI over Judge Allegations

MIRI, Feb 19 (Bernama) - The Advocates Association of Sarawak (AAS) has proposed to the government to set up a Royal Commission of Inquiry (RCI) over the allegation of judicial interference in the affidavit made by a sitting Court of Appeal judge Datuk Dr Hamid Sultan Abu Backer recently.

Read More

INDUSTRY UPDATES

MACC meets Judge Hamid Sultan over 63-Page Affidavit

PUTRAJAYA, Feb 18 (Bernama) - The Malaysian Anti-Corruption Commission (MACC) today met with Court of Appeal judge Datuk Dr Hamid Sultan Abu Baker over his recent 63-page affidavit, filed last week, on allegations of judicial interference.

Read More

INDUSTRY UPDATES

CBM headed in Right Direction, Bank Development expected: Experts

The Central Bank of Myanmar (CBM) has begun taking the initial steps to stand as an independent body, local financial experts and economists say.

Read More

INDUSTRY UPDATES

Retired SC Justice Azcuna 'Selfless Government Worker': Palace

MANILA, Feb 15 (PNA) - Malacañang wished retired Supreme Court (SC) Associate Justice Adolfo Azcuna the best as he celebrates his 80th birthday on Saturday.

Read More

INDUSTRY UPDATES

Rule of Law followed in Ressa Arrest

MANILA, Feb 15 (PNA) - Malacañang on Friday said the rule of law was followed in the arrest of Rappler chief executive officer Maria Ressa for cyberlibel amid criticisms of suppressing press freedom.

Read More

INDUSTRY UPDATES

Rebuilding ASEAN’s Financial Safety Net

Singapore and Indonesia signed a US$10 billion (K15.23 trillion) bilateral swap agreement last October, allowing the two countries to assist each other during times of financial stress through US dollar loans. The move signalled a willingness by ASEAN countries to play a bigger and more direct role in strengthening the region’s financial stability, but there is still much more to do.

Read More

INDUSTRY UPDATES

Judiciary lodges Police Report over Allegations in Affidavit

PUTRAJAYA, Feb 15 (Bernama) - The Judiciary has lodged a police report over allegations made against unnamed judges and the institution in the affidavit made by a sitting Court of Appeal judge Datuk Dr Hamid Sultan Abu Backer.

Read More

INDUSTRY UPDATES

Blind Woman's Persistence to become Lawyer bears Fruit

KUALA LUMPUR, Feb 15 (Bernama) - ‘Where there’s a will, there’s a way’, this proverb illustrates the determination and diligence of a visually impaired young woman who has achieved her dream of becoming a lawyer.

Read More

INDUSTRY UPDATES

Lawyer urges Government and CJ to address Justice Hamid's Revelations

KUALA LUMPUR, Feb 15 (Bernama) - Lawyer Sangeet Kaur Deo has called on the government and Chief Justice to immediately look into the claims by Court of Appeal judge Datuk Dr Hamid Sultan Abu Backer, contained in his affidavit which revealed misconduct of top judges and judicial interference.

Read More

INDUSTRY UPDATES

Decision on Minimum Wage Increases due in March

BANGKOK, Feb 13 (NNT) - The final decision on Minimum Wage increases will be made in March, with new rates to vary in accordance with economic conditions in each province.

Read More

INDUSTRY UPDATES

No Violation of Ressa's Civil Rights: DOJ

MANILA, Feb 14 (PNA) - Justice Secretary Menardo Guevarra on Thursday assured full protection of the civil rights of online news website Rappler's publisher Maria Ressa, who was arrested on Wednesday in connection with a cyber libel complaint filed against her and the media firm by a private individual.

Read More

INDUSTRY UPDATES

DOTr inks Deal on Common Station Construction

MANILA, Feb 13 (PNA) - The Department of Transportation (DOTr) on Wednesday signed a contract with a private consortium for the construction of Area A of the Unified Grand Central Station (UGCS) or the common station which is located between SM North Edsa and Trinoma in Quezon City.

Read More

INDUSTRY UPDATES

Men too face Sexual Harassment at Workplace

SUNGAI PETANI, Feb 14 (Bernama) - Men too have been recorded as being victims of sexual harassment at the workplace, said Women, Family and Community Development Deputy Minister, Hannah Yeoh.

Read More

INDUSTRY UPDATES

LHDN launches eProcurement System, Suppliers' Portal

CYBERJAYA, Feb 13 (Bernama) - The Inland Revenue Board (LHDN) has launched the eProcurement (eP) system and the Suppliers’ portal as a continuous effort to improve service delivery to suppliers or tenderers dealing with the agency.

Read More