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: Banking
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”.
35 arrested in anti-scam sweep; Singapore Police and MAS issue urgent advisory on bank officer impersonation
The majority of those arrested in Singapore are suspected to have allowed scammers to use their bank accounts or netbanking credentials to be used for fraudulent transactions.
Singapore residents take No. 1 spot in Asia and No. 4 in the world in financial asset ownership
The per capita difference between Denmark and Singapore is of a mere EUR 270, which brings Singapore within touching distance of the global Top 3 of financial asset (cash, stocks, bank deposits) ownership.
When 4 equals 5: Singapore gives its verdict on a shorter work week in Asia-wide survey
The enthusiasm level for a four-day work week is very high among Singapore employees, of whom 93 per cent of the surveyed respondents have embraced the idea.
3 arrested and SGD 1.28 million seized in joint anti-scam ops by Singapore Police and DBS
These developments came after weeklong operations against corporate money mules.
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 Fintech Festival: SBI announces coming launch of ‘Yono Global’ app in Singapore and United States
At present, SBI offers Yono Global services in 9 countries, starting with the United Kingdom operations in September 2019. In Singapore, SBI is integrating its Yono Global app with PayNow and aims to launch it soon.
Singapore banking: MAS imposes 6-month pause on DBS Bank’s non-essential infotech activities
The Monetary Authority of Singapore has imposed a six-month pause on DBS Bank Ltd’s non-essential information technology changes to ensure that the bank keeps sharp focus on restoring the resilience of its digital banking services.
MAS recorded largest net loss of SGD 30.8 billion in 2022-23: Ravi Menon
Indian-origin Managing Director of the Monetary Authority of Singapore (MAS) Ravi Menon said the city-state’s central bank has recorded its largest net loss of SGD 30.8 billion (USD 22.8 billion) in 2022-2023.
