Singapore
Tajikistan objects to Basel Institute’s anti-money-laundering criticisms
The Basel Institute’s grading of Tajikistan as the third-worst money laundering jurisdiction in the world is based on an “absolutely incorrect analysis”, the country’s central bank says
First meeting of MAS fintech panel was ‘fruitful’ – Menon
Advisory panel to look at how Singapore can harness new tech and “enhance” fintech provision to financial services
Singapore’s GIC warns of lower returns in coming years
High valuation of asset prices and modest growth outlook points to lower returns in coming decade or two, GIC says; 20-year annualised real rate of return fell last fiscal year
MAS adds cloud computing to guidelines on outsourcing risk management
Cloud services officially acknowledged in latest outsourcing guidelines as more financial institutions adopt the practice; despite improved security, banks should still be aware of the risks
Menon pledges tougher measures on AML controls in Singapore
Ravi Menon says central bank will conduct more intrusive probes of higher-risk institutions and take stronger actions where practices fall short; monetary policy likely on hold for 2016
MAS announces ‘firm regulatory actions’ against multiple banks
Monetary Authority of Singapore finds “control failings” at DBS, Standard Chartered and UBS as part of probe into 1MDB funds; US Department of Justice seeking to recover $1bn in assets
MAS official stresses role of technology in combating ML/TF risks
Chua Kim Leng singles out four areas of focus for insurers looking to combat illicit financing activities; one is leveraging technology, such as automated name screening and data analytics
Renminbi investments to be included in Singapore reserves
Monetary Authority of Singapore says its investments in the Chinese currency will be included in official reserves “from June 2016 onwards”, now it is easier to repatriate funds
Singapore central bank creates AML and enforcement departments
Monetary Authority of Singapore hopes to “enhance supervisory focus”; shake-up follows what Ravi Menon described as the worst case of control lapses in the financial sector
Menon encourages Chinese companies to explore offshore
Managing director of MAS considers connectivity between China and South-east Asia; suggests corporates recycle capital through securitisation
MAS prepares ‘sandbox’ for fintech testing
Aim is to test potentially unstable innovations in an environment where consumers and financial stability will largely be shielded from the consequences of failure
Regulators sanction Swiss bank over links to Malaysian government fund
Swiss regulators impose range of measures on bank for breaching anti-money-laundering regulations; MAS will withdraw bank’s licence to act as merchant bank in Singapore
MAS official sets sight on expanding cyber insurance
Bernard Wee considers how demand- and supply-side challenges hindering the cyber insurance market are being addressed
People: Nagel leaves Bundesbank; GIC makes string of appointments
Joachim Nagel steps down from Deutsche Bundesbank executive board; Singapore’s sovereign wealth fund creates new posts and fills others; East African Community gets new secretary-general
MAS director hails work on natural catastrophe data
Bernard Wee introduces Natural Catastrophe Data Analytics Exchange, aimed at remedying “gappy” expertise in the region
Singapore official points to benefits big data offers insurers
Insurers can gain a competitive edge by harnessing insights from big data when designing products, the Monetary Authority of Singapore’s Chua Kim Leng says
Singapore mulls increasing central bank’s regulatory powers
Singapore’s parliament is considering a draft law that would expand the central bank’s regulatory powers over domestic and foreign-owned banks
Visitors to ‘play policy-maker’ at new MAS gallery
Monetary Authority of Singapore launches latest financial literacy initiative; visitors able to ‘play policy-maker’ through interactive programs
Review sees 'fault lines' emerging in global asset management ecosystem
Monetary Authority of Singapore review urges financial industry to remain ‘vigilant’ against emerging risks
MAS eases policy in first move since January
Singapore's central bank cuts rate at which currency is allowed to strengthen amid Asia slowdown; keeps width and centre of policy band unchanged
Macro-prudential tools can influence inflation, Menon says
MAS managing director outlines interaction of prudential tools and monetary policy, saying Singapore deliberately used macro-prudential tools to help lower inflation
RBI deputy urges banks to address asset quality challenges
SS Mundra discusses challenges facing India’s otherwise ‘vibrant’ banking system; asset quality poses challenges to banks and supervisors
SGX 'ahead of the curve' on CCP capital, argues director
Singapore Exchange puts up 25% of the capital in its default waterfall, while European and US CCPs contribute 2.6% on average
Singapore MD imagines gleaming future for island state
Ravi Menon delivers a speech looking back from an imagined 2065, highlighting the potential of both Singapore and the wider South-east Asian economy