Daily News Headlines

  • News Headlines – 6-8 Oct 2020

    [Singapore] MAS and Financial Industry Extend Support for Individuals and SMEs who Need More Time to Resume Loan Repayments

    MAS News, 5 Oct 2020

    The Monetary Authority of Singapore (MAS), together with the Association of Banks in Singapore (ABS) and the Finance Houses Association of Singapore (FHAS), announced an extension of support measures to help individuals and Small and Medium-sized Enterprises facing cashflow difficulties transition gradually to full loan repayments. These extended measures will progressively expire over 2021.

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    [Singapore] Reply to Parliamentary Question on family offices in Singapore

    MAS News, 5 Oct 2020

    The Senior Minister replied to the Parliamentary Question on the number of high net worth individuals have set up or have been given approval to set up family offices in Singapore in the past three years and the total quantum of assets that have been attracted to Singapore through these high net worth individuals.

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    [Singapore] Reply to Parliamentary Question on the recent cases of trade financing fraud

    MAS News, 5 Oct 2020

    The Senior Minister replied to the Parliamentary Question on what steps will be taken to ensure that there will be a sufficient number of banks providing relevant facilities on reasonable terms to traders and reduce the fraud risks involved in financing transactions on banks and other stakeholders, in light of the recent cases of trade financing fraud involving billions of dollars leading to steps taken by banks to de-risk from this area.

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    [Singapore] Reply to Parliamentary Questions on local banks involvement in the recent document leaks from the US Financial Crimes Enforcement Network

    MAS News, 5 Oct 2020

    The Senior Minister replied to the Parliamentary Question on whether any banks in Singapore are implicated in the money laundering activities and whether the Government is in touch with the banks named in the recent leaked document from the US Financial Crimes Network to verify any Singapore connection. He also replied to the Parliamentary Question on how will MAS address the assertions with the banks, where International Consortium of Investigative Journalists asserted that a number of banks in Singapore had handled large sums of suspicious transactions, and what have been the efforts to enhance Singapore’s work against suspicious transactions and money laundering.

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    [Singapore] Notice FAA-N20 Requirements for the Remuneration Framework for Representatives and Supervisors ("Balanced Scorecard Framework") and Independent Sales Audit Unit

    MAS Regulation, 5 Oct 2020

    This notice sets out the requirements, specifically the design and operation of the balanced scorecard framework, and the roles and responsibilities of the independent sales audit unit, that financial advisers must put in place in the remuneration structures for their representatives and supervisors. It applies to all licensed financial advisers and exempt financial advisers. The latest amendment added a new chapter ‘Transitional arrangements for implementation of new reporting formats’.

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