Singapore
On 4 October 2024, the Monetary Authority of Singapore (MAS) announced that a report was released by the Inter-Ministerial Committee (IMC) following a review of Singapore’s anti-money laundering (AML) framework. It includes IMC’s recommendations to enhance Singapore’s AML framework while remaining welcoming to legitimate investors and businesses. For more information, please click here.
On 15 October 2024, the MAS and the Association of Banks in Singapore (ABS) jointly conducted a business continuity exercise with financial institutions that tested their ability to effectively respond to and recover from operational and business disruptions, as well as their crisis communication plans. This exercise aims to strengthen the financial sector’s crisis management and operational resilience. For more information, please click here.
On 24 October 2024, the MAS and Infocomm Media Development Authority of Singapore (IMDA) announced that the Shared Responsibility Framework (SRF) for phishing scams will be finally implemented on 16 December 2024. The SRF sets out the relevant duties of both financial institutions and telecommunications companies in mitigating phishing scams, as well as the expectations in case these duties are breached. This will operate as part of the broader suite of measures to address scams in Singapore. For more information, please click here.
On 28 October 2024, the MAS announced its collaboration with the Bank of International Settlements (BIS) and other central banks in developing Project Mandala, which successfully demonstrated the automation of compliance procedures for cross-border financial transactions. This project aligns with the priority actions for achieving the G20 targets of promoting an efficient legal, regulatory and supervisory environment for cross-border payments while maintaining their safety, security and integrity. For more information, please click here.
Enforcement
On 10 October 2024, the MAS published a report regarding the sentencing to 16 months’ imprisonment of and the imposition of a monetary fine of $12,105.70 on Mr Oon Yun Cong for fraudulently inducing others to deal in shares under the Securities and Futures Act (SFA). Mr Oon made false statements on 10 occasions including overstating his target sell price for the securities and claiming that he had purchased shares in the securities when he had not. For more information, please click here.
On 29 October 2024, the MAS imposed a composition penalty of $1.9 million on Atrium Asia Investment Management Pte. Ltd. (AAIM) and has also issued a reprimand to its CEO, Mr Mintarja Oei, for breaches of MAS’ anti-money laundering and countering the financing of terrorism (AML/CFT) requirements. In an inspection, it was found that the company’s internal policy was inadequate, putting the firm at risk of being misused for financial crime. For more information, please click here.
This document is provided for information purposes only and does not constitute legal, tax, investment, regulatory, accounting or other professional advice. For more information on the legal and regulatory status of IQ-EQ companies please visit www.iqeq.com/legal-and-compliance.