EU updates tax haven blacklist, adds UAE, Bermuda
EU updates tax haven blacklist, adds UAE, Bermuda The European Union has updated its list of non-cooperative jurisdictions for tax purposes ( tax haven ). The new additions include Bermuda and the UAE. The Council of EU stated that these jurisdictions have failed in...
Can remittance companies licensed under the Money-changing and Remittance Businesses Act lend money?
Can remittance companies licensed under the Money-changing and Remittance Businesses Act (MCRBA) lend money? Remittance companies are currently licensed under the Money-changing and Remittance Businesses Act (MCRBA). The Money-changing and Remittance Businesses Act...
Enhancements to Business Continuity and Technology Risk Management Guidelines proposed by MAS
Enhancements to Technology Risk and Business Continuity Management Guidelines proposed by MAS The Monetary Authority of Singapore (MAS) released two consultation papers on proposed changes to the Technology Risk Management Guidelines and the Business Continuity...
Argus Newsletter, February 2019
Articles and Events Summary Regulation for Insurance Brokers in Singapore The Monetary Authority of Singapore (MAS) mandates the registration of insurance brokers in Singapore. A person who carries on business as any type of insurance broker in Singapore is required...
Regulation for Insurance Brokers in Singapore
Regulation for Insurance Brokers in Singapore The Monetary Authority of Singapore (MAS) mandates the registration of insurance brokers in Singapore. A person who carries on business as any type of insurance broker in Singapore is required to be registered as that...
Tax Fraud- France fines UBS bank record S$5.6 billion
France fines UBS bank record S$5.6 billion in tax fraud case A Paris court on Wednesday fined Swiss banking giant UBS 3.7 billion euros (S$5.67 billion) for encouraging customers to commit tax fraud, a record in France where public opinion has grown vocal for...
ANTI MONEY LAUNDERING COUNTRY BLACKLIST PUBLISHED BY EU
ANTI MONEY LAUNDERING COUNTRY BLACKLIST PUBLISHED BY EU The European Commission adopted a list of countries that has weak anti money laundering and terrorist financing regimes, and urged banks to increase customer due diligence (CDD) checks on customers and firms from...
Amendments in Accredited Investor definition- Opt in Regime- Argus Global
Accredited Investor (AI) - Opt-in Regime The Securities and Futures (Amendment) Act 2017 which came into force in 2018 (hereinafter the Amendment Act) introduced changes to the definition of who is an “ accredited investor ” pursuant to section 4A of the Securities...
Argus Newsletter, January 2019
Articles & Events Summary Ongoing Regulatory Compliance in Singapore The Monetary Authority of Singapore (MAS) sets out a high regulatory yardstick to ensure that the relevant risks faced by all stakeholders are adequately mitigated, positively effecting...
Second reading of Payment Services Bill (PSB) Singapore
Second reading of Payment Services Bill Singapore The Payment Services Bill (PSB) was read for the second time by Mr. Ong Ye Kung, Minister for Education, on behalf of Mr. Tharman Shanmugaratnam, Deputy Prime Minister and Minister-In-Charge of The Monetary Authority...
MAS halts local Securities Token Offering for regulatory breach
MAS halts local Securities Token Offering for regulatory breach The Monetary Authority of Singapore (MAS) halted an initial coin offering (ICO) issuer from proceeding with its securities token offering in Singapore until it can completely comply with regulatory...
Ongoing Regulatory Compliance in Singapore
The Monetary Authority of Singapore (MAS) sets out a high regulatory yardstick to ensure that the relevant risks faced by all stakeholders are adequately mitigated, positively effecting sustainability of the industry. Adherence to these regulations on an ongoing basis...
S$75 million grant to enhance Singapore as a Financial Hub
S$75 million grant to enhance Singapore as a Financial Hub The Monetary Authority of Singapore (“MAS”) in the coming month will launch an S$75 million Grant for equity Market Singapore (“GEMS”). Mr. Heng Swee Keat, Minister of Finance and MAS board member announced...
SME’s can go digital, under Start Digital Initiative
Now SME’s can go digital in areas like accounting and human resources management, with the costs partially being paid by the government. Under this initiative SME’s can choose to go digital in any of the two of the following areas: accounting, human resource...
Argus Newsletter, December 2018
Articles & Events Summary Summary of Digital Token Guidelines issued by MAS The Monetary Authority of Singapore has issued general guidance on the application of the securities laws administered by MAS in relation to offers or issues of digital tokens in Singapore...
Wells Fargo to pay $575m Fine due to lack of compliance controls
Wells Fargo to Pay $575 Million to Settle Customer Harm Claims American multinational Wells Fargo & Co, have to pay $575m to settle state-level claims over sales practices which was due to a lack of compliance controls. This latest scandal adds to the series of...
Goldman Sachs CEO defends compliance culture within the organization
Goldman Sachs CEO defends compliance culture within the organization Goldman Sachs Chief Executive David Solomon, defended the bank against criticism with regards to compliance and oversight related in their dealings with 1MDB. He said that, “We believe our culture...
Charges on an accountant, a lawyer, and an asset manager on acting as enablers for Money Laundering
Charges announced on an accountant, a lawyer, and an asset manager on acting as enablers for Money Laundering Charges were announced against Panamanian Law firm Mossack Fonseca & Co. served as being intermediaries and enabled money laundering amidst the Panama...
Summary of Digital tokens Guidelines issued by MAS
Introduction In August 2017, The Monetary Authority of Singapore (MAS) in its media release has clarified that MAS will regulate the offer or issue of digital tokens in Singapore if the digital tokens constitute products regulated under the Securities and Futures Act...
Fines for Anti Money laundering violations on surge in Latvia
Fines for Anti Money laundering violations on surge in Latvia Latvian banking watchdog has fined € 2.2 Million to LPB bank and 1.2 million to Blue orange bank over anti money laundering and terrorism financing rule violations on 19th and 21st December 2018. Also, the...
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