Variable Capital Company (VCC) Consultation Paper
CONSULTATION PAPER ON THE PROPOSED FRAMEWORK FOR VARIABLE CAPITAL COMPANY (VCC) PART 2 The Variable Capital Companies Act (“VCC Act”) was passed in Parliament on 1October 2018. The VCC Act provides the legislative framework for the incorporation, operation, and...
Corporate Governance Requirements in Singapore
Corporate Governance Requirements in Singapore A quick definition of Corporate Governance Corporate Governance is a general term encompassing all the directives, processes and rules which characterized “the system by which companies are directed and controlled"...
Crypto regulation: FinCEN Fines Virtual Currency Exchanger
Crypto regulation: FinCEN Fines Virtual Currency Exchanger The Financial Crimes Enforcement Network (FinCEN) announced last week that it has fined Eric Powers, the operator of a peer-to-peer exchanger of convertible virtual currency, for willfully violating the Bank...
Regulatory compliance in Singapore: Legal Entity Identifier
Regulatory compliance in Singapore: Legal Entity Identifier A Legal Entity Identifier (LEI) is a number given to a legal entity to identify without ambiguity all the parties in a financial transaction across the globe. It is a unique 20 digits alpha-numeric code,...
Standard Chartered fined $1.1bn for money-laundering and sanctions breaches
Standard Chartered fined $1.1bn for money-laundering and sanctions breaches The British bank has agreed to pay $947m to American authorities over allegations that it violated sanctions imposed against Burma, Zimbabwe, Cuba, Soudan, Syria and Iran. Separately, it was...
MAS Releases Consultation Paper on Proposed Payment Services Regulations
MAS Releases Consultation Paper on Proposed Payment Services Regulations The Monetary Authority of Singapore (MAS) released yesterday a new consultation paper on payment services regulations, calling for comments from any interested parties such as Financial...
MAS issues Prohibition Orders against three people for fraud
MAS issues Prohibition Orders against three people for fraud The Monetary Authority of Singapore has issued yesterday Prohibition Orders against three individuals for their fraudulent and dishonest conduct while carrying out their duties. Two former bank employees and...
Deutsche Bank’s US Unit involved in money-laundering case
Deutsche Bank’s US Unit involved in money-laundering case Compliance workers for Deutsche Bank AG flagged transaction amounting to $150 billion that their U.S. subsidiary handled for an Estonian unit of Danske Bank A/S. As shown by internal documents, court records...
Argus Newsletter, March 2019
Articles & Events Summary Regulations for Money-Changing or Remittance Business in Singapore Money-changing or remittance businesses are licensed and regulated under the Money-Changing and Remittance Businesses Act 1979 (MCRBA). Money-changing involves the buying...
NZ Financial Markets Authority issues AML/CFT monitoring report
New Zealand’s Financial Markets Authority issues AML/CFT monitoring report New Zealand’s FMA (Financial Markets Authority) has published an AML/CFT monitoring report setting out the areas requiring further attention by the management and boards of reporting entities....
Regulations for Money-Changing or Remittance Business in Singapore
Regulations for Money-Changing or Remittance Business in Singapore Money-changing or remittance businesses are licensed and regulated under the Money-Changing and Remittance Businesses Act 1979 (MCRBA). Money-changing involves the buying and selling of foreign...
The Hong Kong Monetary Authority (HKMA) approves three Virtual banking licenses
The Hong Kong Monetary Authority (HKMA) approves three Virtual banking licenses The Hong Kong Monetary Authority (HKMA) has granted virtual banking licenses on 27 March 2019 under the Banking Ordinance to Livi VB Limited, SC Digital Solutions Limited and ZhongAn...
MAS Details Enforcement Outcomes, Priorities in Inaugural Enforcement Report
MAS sets out enforcement outcomes and priorities in inaugural Enforcement Report The Monetary Authority of Singapore (MAS) published its inaugural Enforcement Report on 20th March 2019. The enforcement report outlines MAS’ enforcement priorities and provides greater...
MAS Details Enforcement Outcomes, Priorities in Inaugural Enforcement Report
MAS sets out enforcement outcomes and priorities in inaugural Enforcement Report The Monetary Authority of Singapore (MAS) published its inaugural Enforcement Report on 20th March 2019. The enforcement report outlines MAS’ enforcement priorities and provides greater...
Regulatory Compliance- UBS Fined $375 million by SFC
SFC fines UBS $375 million and suspends its licence for one year for sponsor failures Regulatory Compliance enforcement action. The Securities and Futures Commission (SFC) has reprimanded and fined UBS AG and UBS Securities Hong Kong Limited (UBS Securities Hong Kong)...
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...
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