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...
Barclays fined $15m over whistleblowing error
Barclays fined over $15m over whistleblowing error New York has fined Barclays an amount of $15m over a whistleblowing error which took place in 2016. The attempts of Mr. Jes Staley to uncover the whistleblower first came to light in April 2017, dealt a new blow for...
MAS imposes lifetime ban on former Goldman Director for Money Laundering
MAS Bans Tim Leissner for Life In the wake of money laundering charges in relation to the 1MDB case, Ex-Director of Goldman Sachs Mr. Tim Leissner, the MAS has issued a lifetime prohibition order, which will prevent him to conduct any regulated business under the...
UBS Financial Services to pay $14.5 million for Anti-Money Laundering failures
UBS Financial Services to pay $14.5 million for Anti-Money Laundering failures UBS Financial Services has been ordered to pay a fine of $14.5 million as a civil penalty with regards to the willful violations for the Anti-Money laundering failures with regards to the...
Overview of Singapore Payment Services Bill
Singapore Payment Services Bill- A Brief History The Monetary Authority Of Singapore ("MAS") regulated various types of payment services under the Payment Systems (Oversight) Act, 2006 (“PS(O)A”) and the Money-Changing and Remittance Businesses Act,1979 (“MCRBA”). ...
Argus Newsletter, November 2018
Articles & Events Summary The New Sandbox Express Regime A regulatory sandbox is an environment where regulations are suspended, and allows firms to test their ideas with real customers for a fixed period of time. The MAS has introduced a new express approval...
New S$30 Million Grant to Strengthen Cybersecurity
MAS Launches New S$30 Million grant to strengthen the cyber resilience of the financial sector The Monetary Authority of Singapore has recently announced a grant of S$30 Million in order to strengthen the existing cybersecurity infrastructure and also to help with...
US banks to adopt new technology to innovate Anti-Money laundering Monitoring
US encourages Banks to innovate in Anti-Money laundering Monitoring The US regulators, have encouraged banks to try out new technologies to innovate in Anti-Money Laundering and other financial crimes. Agencies such as The Federal Reserve, The Federal Deposit...
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