Argus Newsletter, July 2020
Articles and Events Summary [Webinar Recap] A Quick Guide to Variable Capital Company (VCC) On 15 July 2020, Argus Global collaborated with DBS Bank and In.Corp for a Live Webinar on the topic of Variable Capital Company (VCC). Nithi Genesan, Director of...
Enhancing Robustness of Enterprise-wide Risk Assessment (EWRA) on Money Laundering and Terrorism Financing
Monetary Authority of Singapore (MAS) conducted thematic inspections on enterprise-wide risk assessment on money laundering and terrorism financing (EWRA) in 2020. The paper highlights inspection observations and MAS’ supervisory expectations of effective EWRA...
MAS Guidelines on strengthening Capital Market Intermediaries’ oversight over AML/CFT outsourcing arrangements
On 15th July 2020, Monetary Authority of Singapore (MAS) released a guidance paper which sets out MAS’ expectations of Capital Market Intermediaries (CMI) in relation to Anti-Money Laundering/ Countering Financing of Terrorism (AML/CFT) control functions being...
MAS revokes licence of Apical Asset Management for AML/CFT breaches
On 28 July 2020, the Monetary Authority of Singapore (MAS) revoked the Capital Markets Services (CMS) licence of Apical Asset Management Pte. Ltd. (AAMPL) for serious breaches of MAS’ Anti-Money Laundering/Countering Financing of...
MAS Consults on Environmental Risk Management Guidelines for Financial Institutions
The Monetary Authority of Singapore (MAS) has launched a set of three consultation papers on its proposed Guidelines on Environmental Risk Management for banks, asset managers and insurers. Environmental risk has been recognized as a key global risk in recent years....
Argus Newsletter, June 2020
Articles and Events Summary [WEBINAR] A Quick Guide to Variable Capital Company (VCC) - Facilitated by DBS Bank Argus Global is happy to collaborate with DBS Bank and In.Corp Global for a Live Webinar. The Variable Capital Companies Act ('VCC') is said to be a...
Four Individuals Banned by MAS for fraudulent and dishonest conduct
The Monetary Authority of Singapore (MAS) has issued prohibition orders (POs) against two former bank employees and two former insurance agents for fraudulent and dishonest conduct. The four individuals are: Name Duration of POs Offences Mr Kale Jagdish...
Introduction to Fund Set-up in Singapore
Fund Management: The Fund Entity - Uses, Types and Set Up Fund Management Companies are regulated under the purview of the MAS, and normally obtain their licensing because they have a product or strategy that they believe would be a unique offering to the market. Most...
Argus Newsletter, May 2020
Articles and Events Summary Internal Update Nithi Genesan has joined us at Argus Global and will be heading up our compliance consulting vertical . Nithi holds a Master’s degree in Applied Finance from the Manchester Business School, and a graduate from the National...
AML/CFT Requirements for Payment Service Firms
Regulatory Framework New Payment Services Act (“Act”) came into effect 28 January 2020. Along with the Act, the Monetary Authority of Singapore (“MAS”) has introduced several notices and guidelines to be adhered to by Payment Services Licence Holders (“regulated...
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...
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