Singapore will soon have a regulatory framework on the prevention of money laundering and countering the financing of terrorism for payment services. In a parliament session held on 3 October 2017, Deputy Prime Minister (DPM) and Minister in charge of the Monetary ... Read More →
Singapore
Know Your Customer (KYC) Blockchain Prototype Tested in Singapore by Major Banks
In a joint release on Tuesday, OCBC Bank, HSBC, Mitsubishi UFJ Financial Group (MUFG) and the Infocomm Media Development Authority (IMDA) have developed and tested a KYC blockchain – a first in South-east Asia.The prototype is said to be able to solve current ... Read More →
Singapore companies sanctioned by OFAC for aiding North Korea
The Office of Foreign Assets Control (OFAC) has designated 16 entities and individuals for activities related to supporting the Democratic People's Republic Korea's (North Korea) nuclear and ballistic missile programs, energy trade, labour exports, and sanctions ... Read More →
Singapore Signs MCAAs to Enhance Tax Co-operation on Exchange of Information
PRESS RELEASE BY MINISTRY OF FINANCE, SINGAPORE On 21 June 2017, Singapore will sign the Multilateral Competent Authority Agreements (“MCAAs”) on:the Automatic Exchange of Financial Account Information under the Common Reporting Standard (“CRS”); and the ... Read More →
MAS 1MDB probe: Summary of Regulatory Actions taken
SINGAPORE - The central bank of Singapore, Monetary Authority of Singapore (MAS), announced that it had concluded its review of transactions relating to the 1MDB scandal on 30 May 2017. In the same announcement, MAS mentioned that this supervisory review is the most ... Read More →
