Articles & Events Summary

Summary of Digital Token Guidelines issued by MAS

The Monetary Authority of Singapore has issued general guidance on the application of the securities laws administered by MAS in relation to offers or issues of digital tokens in Singapore

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Overview of Singapore Payment Services Bill

The article gives an overview of the eagerly awaited payment services bill, which will help in consolidating all of the payment services under one roof

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Industry News

New S$30 million grant to enhance cybersecurity capabilities in financial sector

The Monetary Authority of Singapore has recently announced a grant of S$30 million in order to strengthen the existing cyber security infrastructure and also to help with developing local talent in cybersecurity

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Germany: Massive money-laundering in real estate, KYC, beneficial ownership issues

A study has found that criminals are using Germany’s real estate sector as a medium to launder billions of euros, where 15% to 30% of all criminal assets are invested in the real estate sector.

According to the study, real estate agents and lawyers, amongst others, are not conducting background checks on the risk profile of the client nor are they submitting suspicious transaction reports as required by the Money Laundering Act

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UK Tax Agency Publishes Policy Paper on Taxing Crypto Assets

Her Majesty’s Revenue and Customs had recently published a report on the taxation regime that applies to individuals holding crypto assets.

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Morgan Stanley Fined $10m for anti-money laundering failures

The US brokerage unit of Morgan Stanley was fined $10m for anti-money laundering violations between January 2011 and April 2016

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European council proposes a plan to target Money Laundering

To end the year which was defined by scandals related to money laundering, the European council has given supervisory powers to the European Banking Authority (“EBA”) in order to come up with a plan to prevent money laundering.

As per the rules agreed in mid-December, the EBA will be given power to develop common Anti-money laundering directives for their member states, perform risk assessments, and also collect information from the relevant national authorities

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UK freezes bank accounts linked to Azerbaijan money-laundering scheme

Investigators have reportedly frozen the bank accounts linked to a multi-billion dollar Azerbaijani money-laundering scheme, which rinsed dirty money via the use of shell companies in the UK.

The National Crime Agency (“NCA”) declined to give further insight if the frozen bank account was linked to the Danske bank, which was the center of the 200 billion euro money laundering scandal.

As per the allegations, the Estonian branch of Danske bank, handled the account of four UK-registered firms, which were used by the Azerbaijan elite to pay off European politicians

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UBS Financial Services to pay $14.5 million for Anti-Money Laundering failures

UBS Financial Services has been ordered to pay a fine of $14.5 million as a civil penalty. UBS had failed to develop and implement an appropriate, risk based anti–money laundering (“AML”) program that adequately addressed the risks associated with accounts that include both brokerage related and banking services

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MAS lifetime ban for ex Goldman Director

In the wake of money laundering charges in relation to the 1MDB case, Ex-Director of Goldman Sachs Mr. Tim Leissner, the MAS has issued a lifetime prohibition order, which will prevent him to conduct any regulated business under the Securities and Futures Act (“SFA”) and taking part directly or indirectly in the management of a capital market services firm in Singapore.

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Law Firm serves as an intermediary and enabled money laundering, over Panama Papers leak

Charges were announced against four people which included an accountant, a lawyer, an asset manager and the client, having ties to the defunct Panamanian law firm Mossack Fonseca & Co., who created shell companies to help clients evade taxes, as alleged by prosecutors

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MAS Regulatory Updates – Highlights

19th December 2018 : Insurance (Corporate Governance) (Amendment) Regulations 2018

The Regulations are in perspective to corporate governance with regards to insurance and will come into effect into 1st January 2019

For more information, click here to access the relevant section on the MAS website

19th December 2018 : Insurance (General Provisions and Exemptions for Captive Insurers) Regulations 2018

The Insurance (General Provisions and Exemptions for Captive Insurers) Regulations 2018 will come into operation on 1 January 2019. The Act consists Financial Requirement before Licensing, Fund Solvency Requirement and Capital Adequacy Requirement the Captive Insurer must possess, its exemptions and other miscellaneous provisions

For more information, click here to access the relevant section on the MAS website

18th December 2018 : Frequently Asked Questions (“FAQs”) on the definition of Accredited Investor and  the Opt-In Process

MAS has issued Frequently Asked Questions (“FAQs”) on the definition of Accredited Investor and Opt-In Process

For more information, click here to access the relevant section on the MAS website

10th December 2018 : Frequently Asked Questions (“FAQs”) on Notice on Minimum Entry and Examination Requirements for Representatives of Holders of Capital Markets Services License and Exempt Financial Institutions

MAS has issued amended FAQs  on Notice on Minimum Entry and Examination Requirements for Representatives of Holders of Capital Markets Services License and Exempt Financial Institutions

For more information, click here to access the relevant section on the MAS website

06th December 2018 : Frequently Asked Questions (“FAQs”) on fair and balanced advertising as well as other advertising restrictions

MAS has issued new FAQs on fair and balanced advertising as well as other advertising restrictions

For more information, click here to access the relevant section on the MAS website

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