The Monetary Authority of Singapore (MAS) has imposed a composition penalty of $400,000 on TMF Trustees Singapore Limited (TTSL) for failure to comply with MAS’ Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) requirements. Trusts are...
External Asset Managers (EAM) also known as Independent Asset Managers (IAMs) are growing in size in Asia; especially in Singapore. EAM first appeared in Europe where many private bankers left the banks to set up independent offices to serve their clients. As Asian...
Dutch Financial Regulators have supported plans by Netherlands to tackle complex international money-laundering schemes together. This follows a seven-month investigation to assess the Dutch financial sector’s exposure to the scandal that engulfed Danske Bank Estonia....
Articles and Events Summary Compliance Obligations under New Payment Services Act Payment Services Act (“the Act”) came into force on 28 January 2020 providing new framework for the regulation of payment systems and payment service providers in Singapore. The Act...
Singapore introduced an alternative fund framework, Variable Capital Company (VCC), to encourage more funds to be domiciled in Singapore and enhance the jurisdiction’s value as an international fund management centre. VCC came into operation in Singapore on 14...
