In 24 over-the-counter bond transactions, the RMs had made inaccurate or incomplete disclosures to clients, resulting in the clients being charged spreads that were above the bilaterally agreed rates. These transactions took place between November 2018 and September 2019, said MAS.
Tag: MAS
Be careful with your cash: Amid geopolitical tensions, MAS advises Singapore to be ready for volatility
In its analysis of the ‘Global Macrofinancial Environment’, the central bank of Singapore said that while global economic activity “has remained resilient”, there was still a risk because of “heightened policy uncertainty, trade tensions, and geopolitical conflicts that increase the probability of adverse shocks”.
Singapore FinTech Festival 2024 attracts 65,000 participants from 134 countries and regions; makes big plans for 2025
More than 3,400 government and regulatory attendees across 665 central banks, regulatory institutions, and government organisations participated in the ‘Regulation Zone’. Key discussion areas included Artificial Intelligence (AI) solutions, quantum research and finance, cross-border data flow, and digital asset growth.
MAS announces finalists for 2024 Global FinTech Hackcelerator and FinTech Excellence Awards
This year’s competition aims to advance the development of suitable financial products and tools that can improve financial health. This can be an important enabler to empower individuals and businesses to manage resources effectively to build financial resilience.
Singapore: MAS signs MoU with financial institutions and technology partners to study application of Quantum Key Distribution
The Monetary Authority of Singapore (MAS), DBS, HSBC, OCBC, UOB, SPTel and SpeQtral on August 14 signed a Memorandum of Understanding (MoU) to embark on quantum security collaboration and study the application of Quantum Key Distribution (QKD) in financial services. QKD can help financial institutions (FIs) protect the exchange of cryptographic keys to address the […]
MAS commits SGD100m more to support AI and quantum tech in Singapore financial sector
The Financial Sector Technology and Innovation Grant Scheme was introduced by MAS in June 2015; it was designed to support the creation of a vibrant ecosystem for innovation in the Singapore financial sector.
Singapore banks to gradually replace OTP with digital token for login
This will better protect them against phishing scams, which were among the top five scam types last year, with at least SGD 14.2 million lost to these scams, as per the Singapore Police Force Annual Scams and Cybercrime Brief 2023.
Singapore’s Money Laundering National Risk Assessment lists digital payments, online gambling among high-risk sectors
Banking is the highest-risk channel of money laundering in Singapore, as per the assessment.
Singapore central bank and Mastercard join hands for cybersecurity in financial services
The strategic partnership aims to further cement the collaboration between MAS and Mastercard in bilateral information sharing of cyber-threat intelligence.
Singapore: MAS introduces amendments to Payment Services Act; Changes to take effect in stages from April 4
MAS stated that the amendments will empower it to impose requirements relating to anti-money laundering and countering the financing of terrorism, user protection and financial stability on DPT service providers.
