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Vietnam PM meets top local businesses amid weak bank lending

Vietnamese Prime Minister Pham Minh Chinh convened a meeting with the country's leading businesses to address concerns regarding weak bank lending, as reported by the government on Thursday. 

MAS: Notice FHC-1119 on Cyber Hygiene [Cancelled]

Cancellation effective: 10 May 2024

MHA to strengthen laws to detect and prosecute money launderers more effectively: Shanmugam

MHA to strengthen laws to detect and prosecute money launderers more effectively: Shanmugam

This will be done through a Bill to amend the Corruption, Drug Trafficking and Other Serious Crimes (Confiscation of Benefits) Act (CDSA), which five foreigners in the $3 billion money laundering case have been prosecuted under so far.

Categories: Headlines
MAS to ensure DBS identifies root cause of recent disruptions and addresses it effectively

MAS to ensure DBS identifies root cause of recent disruptions and addresses it effectively

Following several outages in 2023, DBS and POSB internet banking and payment services were down yet again on May 2.

Police have incurred $646k so far to maintain assets seized in $3b money laundering case

Police have incurred $646k so far to maintain assets seized in $3b money laundering case

The expenses were incurred for the storage, maintenance and safeguarding of the seized assets.

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MAS Launches COSMIC Platform for FIs to Share Information on Customers Exhibiting Red Flags to Combat ML/TF

On 1 April 2024, the Monetary Authority of Singapore launched COSMIC (“Collaborative Sharing of Money Laundering / Terrorism Financing Information & Cases”), the first centralised digital platform to facilitate the sharing of customer information among prescribed financial institutions to combat money laundering, terrorism financing, and proliferation financing globally. On the same day, the Financial Services and Markets Act 2022 ("FSMA") was amended to set out the legal basis and safeguards for such sharing. This update outlines key requirements under the FSMA and the COSMIC Notice.

High Court rules CTOS cannot create credit scores; orders to pay RM200,000 to resort owner

The High Court in Kuala Lumpur has ruled that CTOS Data Systems Sdn Bhd (CTOS), a credit reporting agency, lacks the authority to create its own credit scores.

DBS may resume non-essential banking activities but higher capital buffer stays: MAS

DBS may resume non-essential banking activities but higher capital buffer stays: MAS

The Monetary Authority of Singapore said it will closely monitor DBS’ progress on the remaining deliverables and the effectiveness of the measures implemented.

Categories: Headlines
$3b money laundering case: Fifth man gets 15 months’ jail, surrenders $118m in assets to state

$3b money laundering case: Fifth man gets 15 months’ jail, surrenders $118m in assets to state

45-year-old laundered a total of $36m, the most among five people convicted thus far.

Categories: Headlines

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