Disciplinary action against CAML for lack of due diligence
The Securities and Futures Commission (SFC) has publicly reprimanded Convoy Asset Management Limited (CAML) 1 and fined it $6.4 million pursuant to section 194 of the Securities and Futures Ordinance (SFO). CAML is licensed to carry on Type 1 (dealing in securities),...
Argus Newsletter, April 2020
Articles and Events Summary Business as Usual for Argus Global In the wake of recent developments pertaining to the COVID-19 outbreak in Singapore, Argus Global has adopted a ‘Work from Home’ Policy with immediate effect. We are fully operational and work continues as...
Tai Chi Hedge Fund Founder sentenced to 240 hours of Community Service
Following his conviction for holding himself out as carrying on a business in asset management without a license from the Securities and Futures Commission (SFC), Hong Kong's Eastern Magistrates' Court has sentenced Yau Ka Fai to 240 hours of community service. Whilst...
EIB under scrutiny for failings after AML whistleblowing complaints
The European Investment Bank (EIB) has come under scrutiny after whistleblowing complaints have surfaced revealing a disregard for anti-money laundering rules when providing billions of euros to projects around the world. The EU bank has called for an inquiry into a...
Argus Newsletter, March 2020
Articles and Events Summary Business as Usual for Argus Global In the wake of recent developments pertaining to the COVID-19 outbreak in Singapore, Argus Global has adopted a ‘Work from Home’ Policy with immediate effect. We are fully operational and work continues as...
Business as Usual for Argus Global
In the wake of recent developments pertaining to the COVID-19 outbreak in Singapore, Argus Global will be adopting a 'Work from Home' Policy with immediate effect. We will be fully operational and will continue business as usual. We are available on our usual...
Tax Filing Deadlines Extended by IRAS
Extending its support for taxpayers in light of the latest measures to manage the COVID-19 situation, the Inland Revenue Authority of Singapore (IRAS) is providing an automatic extension of deadlines for tax filing for individuals and businesses. Taxpayers who can...
COVID-19 and Financial crime
Addressing the adverse systemic economic impact of the COVID-19 pandemic, the European Banking Authority has supported the measures taken by national governments and EU bodies. Even as most economies face a downturn, it is essential to preserve the effectiveness and...
Register of Controllers lodgment with ACRA
As part of ongoing efforts to uphold Singapore’s reputation as a trusted financial hub, and in line with international practices, ACRA will be implementing a new requirement for all companies, foreign companies and Limited Liability Partnerships (LLP), unless...
Licensing Guide – Payment Services Act (“PSA”)
Introduction Payment Services Act (“PSA”) came into effect in Singapore on 28 January 2020 and it streamlines payment services regulatory framework under a single piece of legislation. MAS has introduced 2 parallel regulatory frameworks. The first framework is a...
Six individuals banned for fraud and dishonest conduct by MAS
Four former insurance agents and two former bank employees have been banned by the Monetary Authority of Singapore (MAS) for fraud and dishonest conduct. MAS issued Prohibitive Orders (POs) against the following individuals following their convictions in the State...
Composition Penalty of $400,000 on TMF Trustees Singapore for AML/CFT Failures
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...
Set Up of External Asset Managers in Singapore
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...
Joint AML Investigations for Dutch Banks
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....
Argus Newsletter, February 2020
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 New Fund Structure – Variable Capital Company (VCC)
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...
Singapore Budget 2020- Key Highlights
Deputy Prime Minister Heng Swee Keat introduced measures to deal with challenges such as the Coronavirus outbreak and long-term economic development on 18 February 2020. The key focus is support packages to businesses, Singaporeans and Tax updates on Financial...
EU puts Cayman Islands on tax haven blacklist
The European Union has added Cayman Islands to its tax havens blacklist along with Oman, Fiji and Vanuvatu accusing it of failing to crack down adequately on tax abuse. Other countries to be added to the blacklist are Panama, Palau and the Seychelles. The EU has...
Corporate Financial Advisory In Singapore: A Comparison of the Regulatory Frameworks Applicable
Companies providing corporate financial advisory in Singapore are governed by the regulations under the Securities and Futures Act (SFA). In the Second Schedule to the SFA, corporate finance advisors are defined as companies giving advice on: compliance with the laws...
Cayman Islands Government issues The Private Funds Bill 2020 And Mutual Funds (Amendment) Bill 2020
After a period of industry consultation, the Cayman Islands Government issued the Private Funds Bill 2020 and the Mutual Funds (Amendment) Bill. The goal of these Bills is to bring closed-ended and private funds within the scope of regulation and to modernise the...
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