Articles and Events Summary

Training Requirements for Financial Institutions

As per MAS’ Notice on Prevention of Money Laundering and Countering the Financing of Terrorism, financial institutions are required to ensure that their employees, officers and representatives undergo ongoing training to be updated on current AML/CFT laws and regulations, client due diligence measures and suspicious transactions detection.

For more information, please click here.

 

AML/CFT Training conducted by Argus Global

Argus hosted its year end training event – AML/CFT training for Fund Managers on 28 Nov 2019.

The full-house event was conducted at SBF Seminar Room. It was exciting to interact with a lively group of participants , making the half-day session very interactive. Please keep a lookout at our website and follow us on LinkedIn for updates on future events.

 

Industry News

 

UK Accounting firms linked to Kolmoisky scandal

Ukrainian billionaire oligarchs Ihor Kolomoisky and Hennadiy Boholyubov are facing a civil suit in the UK for allegedly embezzling $1.72 billion from Ukraine into offshore firms through two accountancy firms, a law firm and multiple individuals in the U.K. and Cyprus.

To read further, please click here.

 

Former HSBC Relationship Manager banned by SFC for one year

Hong Kong’s Securities and Futures Commission (SFC) has prohibited Mr Song Baojun, a former relationship manager of The Hongkong and Shanghai Banking Corporation Limited (HSBC), from re-entering the industry for 12 months pursuant to section 196 of the SFO.

For further details, please click here.

 

SFC reprimands and fines UBS for overcharging clients and other internal control failures

Swiss Bank UBS has been reprimanded and fined HK$400 million by Hong Kong’s Securities and Futures Commission (SFC) for overcharging up to 5000 clients for nearly a decade and for other related serious systematic internal control failures.

To read further, please click here.

 

Civil Penalty of $11.2 million on UBS for Deceptive Trades by its Client Advisors

The Monetary Authority of Singapore (MAS) has imposed a civil penalty on UBS for acts by its client advisors that breached section 201(b) of the Securities and Futures Act (SFA).

For more information, please click here.

 

Singapore considering extending fintech funding beyond 2020: MAS

Mr. Ravi Menon, Managing Director of the Monetary Authority of Singapore (MAS), said that MAS will probably announce new funding plans next year following positive results from the financial technology initiatives ending in March 2020. Possible areas for future initiatives include cyber security and artificial intelligence.

For details, please click here.

 

Financial Reporting Practice Guidance No. 2 of 2019 – ACRA

On 21 Nov 2019, ACRA released the Financial Reporting Practice Guidance No. 2 of 2019, which highlights three financial reporting areas that directors should pay close attention to before approving the companies’ FY2019 financial statements: the new and recent accounting standards on leases, tax, revenue and financial instruments, impairment assessment and valuation, and business acquisitions.

For more information, please click here.

 

Regulatory Updates

 

06 November 2019 – ID 13/19 Approval of External Auditors

Provides the revised application forms for the appointment of external auditors under section 36(3A) of the Insurance Act (Cap. 142) to include fee information relating to audit-related services provided by the auditor.

To access the revised application form, please click here.

 

20 November 2019 – Insurance (Approved Marine, Aviation and Transit Insurance Brokers and Approved Reinsurance Brokers) Regulations

Sets out the approval criteria and conduct requirements for approved Marine Aviation and Transit (MAT) insurance brokers and approved reinsurance brokers.

To view the document, please click here.

 

20 November 2019 – ID 14/19 Amendments to the Insurance (Approved Marine, Aviation and Transit Insurers) Regulations and Insurance (Approved Marine, Aviation and Transit Brokers and Approved Reinsurance Brokers) Regulations

Informs all licensed insurers of the amendments made to the Insurance (Approved Marine, Aviation and Transit Insurers) Regulations and Insurance (Approved Marine, Aviation and Transit Brokers and Approved Reinsurance Brokers) Regulations to give effect to the commitments made under the European-Singapore Free Trade Agreement.

To view the document, please click here.

 

20 November 2019 – Consultation Paper on Proposed Regulatory Approach for Derivatives Contracts on Payment Tokens

This consultation sets out MAS’ proposed regulatory approach under the Securities and Futures Act for derivatives contracts that reference payment tokens (e.g. Bitcoin) as underlying assets.

To view the consultation paper, please click here.

28 November 2019 – Form 6 – Omnibus Statement of Trust Accounts under Regulation 19(1)

Form for licensed trust companies and exempt persons providing trust services to provide information on assets under trusteeship, within 60 days from the end of the calendar year.

To view the form, please click here.

 

29 November 2019 – FAQs on Trust Companies Act and Trust Companies Regulations

Provides guidance on the regulatory scope of the Trust Companies Act, including licensing and reporting requirements for licensed trust companies, exempt trust companies and exempt persons providing trust services.

To read the FAQ, please click here.

29 November 2019 – FAQ on MAS Guidelines on Prevention of Money Laundering and Countering the Financing of Terrorism – Direct General Insurance Business, Reinsurance Business, and Direct Life Insurance Business (Accident & Health Policies)

Provides clarifications to some frequently asked questions on MAS Guidelines on Prevention of Money Laundering and Countering the Financing of Terrorism – Direct General Insurance Business, Reinsurance Business, and Direct Life Insurance Business (Accident & Health Policies)

For more details, please click here.

 

GET IN TOUCH

Argus specializes in regulatory compliance and provides objective insights, subject expertise and a simple approach to all your compliance-related needs. Our diversified client base spans start-ups to mature businesses. We partner with our clients to serve all their compliance needs from the initial phase to ongoing support, training, audit, risk management and governance.

 

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