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.
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Singapore: MAS to bolster defence against money laundering and terrorism financing with COSMIC platform
Following public consultation in October 2021, the Financial Services and Markets Act 2022 (FSMA) was amended in May 2023 to set out the legislative framework for COSMIC.
Elon Musk: Tesla CEO slips to third position in world’s richest list, behind Bernard Arnault and Jeff Bezos
Meanwhile, Jeff Bezos, who was the richest for a brief period, went back to the second spot with USD 199 billion. Elon Musk, however, has seen his numbers drop even further, at USD 191 billion, occupying the third position.
Projecting Narendra Modi’s return, Indian FM presents poll-bound ‘no disruption’ unchanged tax rate Interim Budget, estimates fiscal deficit at 5.1% of GDP
While an interim budget is about allocating funds to keep the government functions going before a new government is installed and present a full budget (national polls are due by May in India), the FM focused on the achievements of the Modi government in the past ten years.
Civil penalty of S$3.9 million imposed on Credit Suisse AG by MAS for misconduct by its relationship managers
Failure to prevent misconduct by its relationship managers (RMs) has cost Credit Suisse AG S$3.9 million, which was imposed on the bank by the Monetary Authority of Singapore (MAS). The news of the civil penalty was confirmed by an official news release on December 28, 2023. The aforementioned offence took place in the Singapore branch […]
Economist warns India about mounting debt as IMF presents worst-case scenario
Noted economist Ajit Ranade has warned India about its high debt, echoing concerns projected by the International Monetary Fund recently, where the body said that the debt could exceed 100 percent of the national GDP in the next four years. Here’s what the Vice Chancellor of Gokhale Institute Of Politics & Economics Pune said, as […]