Westpac agrees to proposed $1.3bn penalty for AML/CFT failures
The Australian Transaction Reports and Analysis Centre (AUSTRAC) and Westpac have agreed to a proposed penalty of $1.3 billion over Westpac’s breaches of Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (AML/CTF Act) reflecting the seriousness and...
Argus Newsletter, August 2020
Articles and Events Summary [Training Alert] AML / CFT Training for Asset/Fund Managers Friday, 25 Sep 2020, 2.30-4.00pm The Monetary Authority of Singapore ("MAS") encourages all Asset / Fund Managers to attend at least one refresher training on topics of AML / CFT....
AML / CFT Training 2020 for Fund Managers in Singapore
REGISTER NOW The Monetary Authority of Singapore ("MAS") encourages all Asset / Fund Managers to attend at least one refresher training on topics of AML / CFT every year. We are happy to conduct this training online. A training certificate of 2 hours for CPD will be...
MOM to enforce salary changes to enhance job opportunities for Singaporeans and attracting global talent
Given the weakness in the job market and uncertain growth outlook, the Ministry of Manpower (MOM) will update the Employment Pass (EP) and S Pass criteria to suit prevailing conditions, the Ministry of Manpower has announced key changes to foreign work pass policies....
Internal Audit and Independent Assessment for Payment Services Licence Holders
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 entities”). The Notices...
Two individuals banned by MAS for fraud and dishonest conduct
The Monetary Authority of Singapore (MAS) has issued prohibition orders (POs) against two individuals: a former insurance agent and a former bank employee, for fraud and dishonest conduct. Both cases are unrelated. The orders took effect from 18 August 2020. One of...
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...
Setting up Variable Capital Company (VCC) in Singapore
https://www.youtube.com/watch?v=wq2XSjMhk6A 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...
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...
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