SFC bans W. Falcon Asset Management (Asia) Ltd’s former chairman and ex-CFO
Mr Ang Wing Fung, the former chairman of W. Falcon Asset Management (Asia) Ltd (Falcon), and its former chief financial officer and company secretary Mr Chan Kam Wah have been banned from re-entering the industry for life and three years, respectively by the...
Calls for Beneficial Ownership Registry in U.S.
Kenneth Blanco, the head of Treasury’s Financial Crimes Enforcement Network, has said lack of information about who owns and controls businesses incorporated in the U.S. is creating a “dangerous and widening gap” in the country’s national security apparatus in the US....
GST payable on overseas digital services from 1 Jan 2020
Starting from 1st January 2020, consumers in Singapore will have to pay Goods and Services Tax (GST) on digital services purchased from GST-registered overseas service providers. Currently, only locally procured services are subject to GST, while services...
Europe’s Finance Chiefs to Call for Anti-Money Laundering Agency
With a view to confront a wave of money-laundering scandals within the banking industry, Europe’s finance leaders are recommending that a regional anti-money laundering agency be formed to fight and prevent such crimes. They are calling upon European...
Argus Newsletter, November 2019
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...
Financial Reporting Practice Guidance No. 2 of 2019 – ACRA
Every year ACRA provides guidelines to ensure companies comply with existing financial reporting standards. On 21 Nov 2019, ACRA has released the Financial Reporting Practice Guidance No. 2 of 2019, which highlights three financial reporting areas that directors...
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...
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). Under this section, no person shall, directly or indirectly, in connection with...
SFC reprimands and fines UBS for overcharging clients and other internal control failures
Swiss Bank UBS has been fined HK$400 for overcharging up to 5000 clients for nearly a decade and other serious systematic internal control failures, The Hong Kong Security and Futures Commission (SFC) said in a statement issued on 11 Nov. During an investigation, the...
Former HSBC Relationship Manager banned by SFC for one year
Hong Kong’s Securities and Futures Commission (SFC) has prohibited Mr Song Baojun (Song) 1 from re-entering the industry for 12 months pursuant to section 196 of the SFO. A former relationship manager of The Hongkong and Shanghai Banking Corporation Limited (HSBC),...
Training Requirements For Financial Institutions
Argus Global is conducting a training on AML/CFT on 28 Nov 2019. This training will be for a period of 3 hours at a Singapore CBD location. The training will be conducted in a classroom style highly interactive environment. It will cover the rules &...
UK Accounting firms linked to Kolmoisky scandal
It is reported that Ukrainian billionaire oligarchs Ihor Kolomoisky and Hennadiy Boholyubov, are facing a London civil suit. The suit alleges that they used fake purchasing agreements and fraudulent loans to embezzle $1.72 billion from Ukraine into offshore firms...
Argus Newsletter, October 2019
Articles and Events Summary Updates to the MAS’ Guidelines on Individual Accountability and Conduct On 6 June 2019, the MAS released its responses to the feedback received from the consultation paper of 26 April 2018 on the proposed Guidelines on Individual...
Ex-HKTV staff charged with insider dealing
Hong Kong’s Securities and Futures Commission (SFC) has commenced criminal proceedings against Mr Ken Yiu Ka Lun for alleged insider dealing in the shares of HKTV. The SFC alleges that Yiu, a former senior regulatory affairs manager of Hong Kong Television Network...
Lawyers & Accountants will have to register with the MFSA to handle financial services companies: Malta
The Malta Financial Services Authority (MFSA) is proposing to remove the exemption from registration for legal professionals and accountants. Under the proposed new rules, Lawyers, accountants, and notaries providing assistance to financial services firms will have to...
Four individuals banned by MAS for fraudulent and dishonest conduct
Three former insurance agents and a former bank employee have been issued prohibition orders by Monetary Authority of Singapore (MAS) for engaging in fraudulent and dishonest conduct. Emphasizing the importance of trust in the financial industry, Ms Loo Siew...
Cayman Islands joins global money-laundering crackdown
As part of the global crackdown on money-laundering, Cayman Islands announced on 9-Oct that it would make information on the beneficial ownership of companies, public. This prompted anti-corruption campaigners to call on other offshore jurisdictions to follow...
Updates to the MAS’ Guidelines on Individual Accountability and Conduct
BACKGROUND As part of its efforts to foster sound culture and conduct in the financial sector, the Monetary Authority of Singapore (MAS) issued a consultation paper on 26 April 2018 seeking comments and feedback on its proposed Guidelines on Individual Accountability...
Businessman Gets 15 Months’ Jail for Raising Funds without a Prospectus
Singapore court has sentenced a businessman to 15 months' imprisonment for raising funds from investors in the form of a convertible loan without a prospectus. District Judge Jasvender Kaur on Monday handed down the jail term to Tay Chee Ming, 54, after a nine-day...
Disqualification orders against former chairman and executive directors of Inno-Tech Holdings Ltd obtained by SFC
In yet another case of disqualification of directors due to compliance failures, Hong Kong’s Securities and Futures Commission (SFC) has obtained disqualification orders against former Chairman and Executive Director, Ms Wong Yuen Yee, and three former...
SERVICES
NEEDING COMPLIANCE EXPERTS?
Get in touch with us today and learn more about our professional services
Compliance Management Singapore
Fund Management Company
Fund Set-Up In Singapore
Starting A Hedge Fund In Singapore
Capital Markets Services Licences
Fintech Regulatory Sandbox License
Financial Advisers Licence
Compliance Risk Management
Singapore Compliance Management
Corporate Compliance Singapore
Singapore Compliance Training
Registered Fund Management Company Singapore
Licensed Fund Management Company Singapore
Environmental Compliance
Corporate Governance
Regulatory Inspection
Compliance Outsourcing
Regulatory Approval
Regulatory Compliance
Risk Assessment
Risk Advisory
CONTACT
ARGUS GLOBAL PTE LTD
6 Raffles Quay , #14-07,
Singapore 048580
Near Raffles Place MRT (Exit I)
Monday to Friday (9am to 6pm) Except public holidays
Call
+65 68176861
Email: info@argusglobal.co
SERVICES
HIGHLIGHTS
