26th October 2018
AP — The United States imposed sanctions Thursday on the Singapore-based director of a commodities company accused of laundering money for North Korea through the U.S. financial system. The Department of Justice also unsealed criminal charges against the person, Tan Wee Beng, accusing him of “a… Read More
12th September 2018
Singapore has made a smooth transition to electronic payments and there has been a sharp drop in cash withdrawals at ATMs, however, the jurisdiction does not intend to scrap cash, according to Singaporean Deputy Prime Minister Tharman Shanmugaratnam. Electronic payments are growing ‘in ease’ with more than 8 in 10… Read More
9th August 2018
Banks in Singapore have been urged to consider the possibility of introducing bank accounts that offer basic services and also have safeguards from money laundering risks, amid concerns some sectors in society are being denied access to banking. Although Singapore is a highly-banked country, there are pockets of society… Read More
25th July 2018
The Monetary Authority of Singapore (MAS) has issued a circular to all financial institutions, instructing them to tighten their customer verification processes. The move follows the recent cyber attack at SingHealth where personal information of 1.5 million individuals was illegally accessed. For access to online financial services, banks in… Read More
22nd June 2018
AP — A leading South Korean cryptocurrency exchange said Wednesday that $31 million worth of virtual currencies have been stolen by hackers, a latest in the series of recent hacks that raised security concerns. Bithumb, South Korea’s second-largest exchange, said cyberattacks from late Tuesday night to Wednesday morning led to… Read More
1st May 2018
The Monetary Authority of Singapore (MAS) has published guidelines on proposed measures it expects financial institutions (FIs) to implement towards strengthening accountability and improving conduct within their top ranks. MAS, which already has legislation similar to the United Kingdom’s senior management and certification regime, said the new proposals supplement its… Read More
26th March 2018
The Indian government’s controversial programme aimed at cracking down on black money has created hardship for some communities, a Singaporean government minister said. Singaporean education minister Ong Ye Kung made reference to the demonitisation programmenin a speech on India’s changing financial landscape. “A major and rather unorthodox step taken by… Read More
19th March 2018
The Monetary Authority of Singapore (MAS) has penalised Standard Chartered Bank Singapore Branch (SCBS) and Standard Chartered Trust Singapore (SCTS) for breaching its anti-money laundering (AML) and counter terrorist financing (CFT) rules, the regulator said on Monday. MAS found SCBS’ and SCTS’ risk management and controls pertaining to transfers were… Read More
12th March 2018
Ratings agency Standard and Poor’s weakened its risk assessment criteria to win business and turn out high ratings on opaque debt products that started to unwind during the global financial crisis, an Australian court heard on Monday. The U.S.-based ratings agency is being sued for at least A$190 million ($150… Read More
6th March 2018
AP — The Singapore-based organizer of a $2 million initial coin offering (ICO)linked to a promotion involving a 2.08-carat blue diamond ring and luxury dinner raffle cancelled the plan Tuesday, leaving thousands of investors from dozens of countries in need of refunds. Singapore-registered V Diamonds began selling tokens… Read More
Must Read

Key points in the draft EU-UK Brexit deal

AP — The draft divorce agreement between Britain and the European Union has two parts: a legally binding withdrawal agreement, which runs more than 580 pages, and a looser political declaration on future relations. Some key points: WITHDRAWAL AGREEMENT Transition period: Britain will leave the EU… Read More

Danske money laundering scandal is ‘tip of iceberg’, whistleblower’s lawyer says

Danske Bank’s (DANSKE.CO) 200 billion euro ($225 billion) money laundering scandal might be the “tip of the iceberg” and investigators should examine whether major Western banks played a role, a lawyer for the whistleblower said. Stephen Kohn, a partner at U.S. law firm Kohn, Kohn and Colapinto who is representing… Read More