[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.
Full text: click here
[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.
Full text: click here
[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.
Full text: click here
[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.
Full text: click here
[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’.
Full text: click here