Argus Newsletter, August 2019
Articles and Events Summary Payment Services Act 2019 The Payment Services Bill (PSB) is an Act to provide for the licensing and regulation of payment service providers, the oversight of payment systems, and connected matters. PSB was passed in Parliament on 14...
European Banking Authority calls for more action on Money Laundering
Money laundering and the terrorism financing remain a major concern for the integrity of European Union's financial system and the security of its citizens. Over the last few years, the EU has developed a comprehensive regulatory framework for preventing money...
New Chapter for Digital Banks – MAS Invites applications for new licences
The Monetary Authority of Singapore (MAS) announced that it will begin accepting applications for new digital bank licences. Interested parties have until 31 December 2019 to submit their applications. This follows the announcement in June 2019 by Mr Tharman...
Payment Services Act 2019
The Payment Services Bill (PSB) is an Act to provide for the licensing and regulation of payment service providers, the oversight of payment systems, and connected matters. PSB was passed in Parliament on 14 January 2019 . The PSB act shall repeal the Payment Systems...
Consultation Paper on Requirements on Controls against Market Abuse
The Monetary Authority of Singapore (MAS) has launched a consultation paper on controls against market abuse. MAS is seeking to impose new requirements to improve controls and facilitate investigations in cases of market abuse. These new requirements aim to improve...
British Qatari-controlled bank being investigated by UK over money-laundering
The British-registered, Qatari state-controlled bank Al Rayan, that has been acting as a platform for extremists’ interests in Europe, is being investigated over its money laundering controls. The bank has come under scrutiny after it was revealed its client list...
DNB failed to comply with anti-money laundering regulations, finds Norway’s watchdog – FSA
What was long regarded as a minor issue for Nordic banks, money laundering has become a serious area of concern in the last two years following scandals at competitors Danske Bank and Swedbank. Norway’s Financial Watchdog – FSA (Financial Supervisory Authority) has...
Tough measures announced by Austrac after being ‘flooded’ with money laundering breaches
Australia’s anti-money laundering regulator has warned that it is likely to take more action against the nation’s top financial institutions after being “flooded” with reports of potential money- laundering breaches. Nicole Rose, Austrac Chief executive, has said that...
MAS bans 3 Singaporeans jailed in landmark insider trading case
Monetary Authority of Singapore (MAS) has issued Prohibition Orders (PO) against three Singaporean men who ran an illegal share trading scheme through which they made $2Million each. The POs against Simon E Seck Peng (former representative of UOB Kay Hian) and Leong...
Singapore Central Bank steps up scrutiny of shell firms
Central Bank of Singapore has raised its watch against money launderers who are increasingly using shell companies to hide their transactions. Over the past year, banks had closed accounts of several onshore shell companies after detecting unlawful transactions....
FMC Regimes in Singapore & Hong Kong: A Comparison
Argus specializes in regulatory compliance and provides objective insights, subject expertise and a simple approach to all your compliance-related needs. Our diversified client base spans start-ups to mature businesses. We partner with our clients to serve all their...
MAS launches Sandbox Express for Faster Testing of Innovative Financial Products
MAS has launched ‘Sandbox Express’ to provide firms with a faster option to market test some innovative financial products and services. Fundamentally, Sandbox Express shortens the approval process for firms to enter the Sandbox by relying on standard disclosures and...
New Rules to Strengthen Cyber Resilience of Financial Industry from MAS
A set of legally binding requirement was released by MAS today to raise the cyber security standards for the financial industry. This move is made with a view to strengthen the cyber resilience and enforce good cyber hygiene for the sector. MAS had sought the...
Argus Newsletter, July 2019
Articles and Events Summary IRAS considering GST exemption for Digital Payment Tokens This Article summarizes the new regulation pertaining to the exemption of Digital Payment Tokens from Goods and Services Tax (GST). The draft consultation is currently open for...
How to create a strategic Business Continuity Plan in line with MAS regulations
How to create a strategic Business Continuity Plan in line with MAS regulations What is Business Continuity Planning (BCP)? Business Continuity Planning is the readiness to manage business interruptions in order to provide continuity of services at an...
Deutsche Bank launches a Client-Data Compliance Probe
Following a series of financial crime scandals, including its alleged role in handling money embezzled from the Malaysia state-owned investment fund 1MDB, Deutsche Bank is back in the news. The bank has launched a Client-Data compliance probe after laying off...
MAS is consulting on proposed regulations for VCC insolvency and winding up
MAS is consulting on proposed regulations for VCC insolvency and winding up The Variable Capital Companies Act (“VCC Act”) was passed in Parliament on 1 October 2018. The VCC Act provides the legislative framework for the incorporation, operation, and regulation of a...
How to setup Singapore fund management company (FMC)
Argus specializes in regulatory compliance and provides objective insights, subject expertise and a simple approach to all your compliance-related needs. Our diversified client base spans start-ups to mature businesses. We partner with our clients to...
IRAS considering GST exemption for Digital Payment Tokens
IRAS considering GST exemption for Digital Payment Tokens Introduction Digital payment tokens /Cryptocurrencies are a taxable supply of services as per current GST rules. Business involves in the sale, issue or transfer of such tokens for consideration by a...
Argus Newsletter, June 2019
Articles and Events Summary Capital Markets Services License (CMSL) – Dealing in Capital Market Products The article gives a brief introduction about Capital Market Products, specifically the requirements surrounding the criteria for grant of a CMSL and additional...
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