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- Singapore, 3 November 2020… The Monetary Authority of Singapore (MAS) said today that the extended credit relief measures announced by MAS and the financial industry on 5 October 2020 will provide support to SMEs affected by the Re-align Framework The Re-align Framework, implemented through amendments
- Please refer to MAS’ media release on 16 April 2020 and 3 June 2020 for more details. .
- MAS will continue to closely monitor developments in the S-REITs industry and maintain stability in the market. 3 The General Counsel, MAS, Mr Paul Yuen said, “The latest legislative measures The Simplified Insolvency Programme, implemented through amendments to the Insolvency, Restructuring and
- MAS
- Parliamentary Replies
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- MAS therefore intends to impose AML/CFT requirements on such intermediaries. MAS is currently conducting public consultation on a proposed Payment Services Bill that will empower us to do this. 5 The virtual currency space is still evolving.
- Answer by Mr Tharman Shanmugaratnam, Deputy Prime Minister and Minister in charge of MAS: 1 Ms Foo asked how MAS and law enforcement agencies can enforce anti-money laundering and counter-financing of terrorism (AML/CFT) laws on bitcoin currency transactions.
- MAS is closely watching these developments and studying the approaches taken in other jurisdictions. The basic idea is for our policies and rules to foster innovation while mitigating risks, including from ML/TF. ***
- MAS
- Media Releases
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- Singapore, 29 July 2020… the Monetary Authority of Singapore (“MAS”) has called on locally-incorporated banks headquartered in Singapore (“Local Banks”) to cap their total dividends per share (“DPS”) for FY2020 at 60% of FY2019’s DPS, and offer shareholders the option of receiving the dividends to be
- Earlier, in April 2020, MAS had encouraged banks in Singapore to ensure that sustained lending took priority over discretionary distributions https://www.mas.gov.sg/news/media-releases/2020/mas-takes-regulatory-and-supervisory-measures-to-help-fis-focus-on-supporting-customers . 3 Local Banks have
- MAS’ stress tests have shown that the Local Banks remain resilient even under adverse conditions consistent with a serious and prolonged public health crisis.
- MAS
- Media Releases
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- Singapore, 23 October 2020… The Monetary Authority of Singapore (MAS) has issued lifetime Prohibition Orders (POs) against Mr Kevin Michael Swampillai, a former representative and Head of the Wealth Management Services Department of BSI Bank Limited, Singapore Branch (BSIS) MAS withdrew BSIS’ merchant
- These POs were issued at the conclusion of an investigation conducted by the MAS and took effect on 22 October 2020. 2 From 2012 to 2013, Mr Swampillai and his then subordinate, Mr Yeo Jiawei MAS issued a lifetime PO to Yeo Jiawei on 18 December 2017, following his conviction for charges ranging
- bank licence on 24 May 2016 and also imposed financial penalties amounting to S$13.3 million for breaches of MAS Notice 1014 – Prevention of Money Laundering and Countering the Financing of Terrorism. .
- MAS
- Media Releases
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- MAS will take account of the various resolution options available in determining whether depositor payout is necessary. 7 MAS invites comments on the recommendations in the second consultation paper, which can be found on the MAS website ( Click here to view the Consulation paper (153.5 KB) ).
- The DI fund will be invested in safe and liquid assets such as Singapore Government Securities and Singapore-dollar deposits with MAS. 6 As supervisor of the financial institutions, MAS will decide whether a payout is appropriate in the event of a bank failure.
- Singapore, 23 April 2004...MAS today released the second consultation paper on the establishment of a deposit insurance ("DI") scheme in Singapore.
- MAS
- Parliamentary Replies
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- The MAS will consult with the industry and other interested parties when the study is completed. * * *
- One option is to have the responsibility reside within MAS. There is substantial overlap in the interests and responsibilities of a bank supervisor and a deposit insurer. MAS supervises banks to assess their safety and soundness and to minimise incidences of failure.
- Answer 1 MAS has not decided who will manage the deposit insurance scheme. The first phase of the deposit insurance study by MAS has focused on issues related to the membership, coverage limit, the size of the fund and how participating institutions will be assessed for premium contributions.
- MAS
- Parliamentary Replies
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- Even though MAS has not found any unfair underwriting practices, MAS will codify the fair principles of insurance underwriting into transparent guidelines for insurers.
- MAS expects to consult on the proposed guidelines by the second half of 2022. 5. Together with MSF, MAS has continued to engage individuals and groups representing PWDs and those with mental health conditions.
- Answer by Mr Tharman Shanmugaratnam, Senior Minister and Minister in charge of MAS: 1. MAS expects financial institutions (FIs) to deal fairly with all their customers, including persons with disabilities (PWDs) and those with mental health conditions.
- MAS
- Parliamentary Replies
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- Answer by Mr Ong Ye Kung, Minister for Education, on behalf of Mr Tharman Shanmugaratnam, Senior Minister and Minister in charge of MAS: 1. The Monetary Authority of Singapore (MAS) takes climate change-related risks seriously as a financial supervisor.
- MAS has already started to stress test for climate change-related risks.
- MAS is working towards incorporating a broader range of climate change-related risks in thematic scenarios as part of a future Industry-Wide Stress Test. ***
- MAS
- Media Releases
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- Singapore, 2 April 2018…The Monetary Authority of Singapore (MAS) is working with key industry stakeholders to develop a guide to promote the responsible and ethical use of artificial intelligence (AI) and data analytics by financial institutions. 2 The guide will set out key principles and best practices
- It will cover all segments of the financial sector including FinTech firms. 3 MAS has brought together a group of thought leaders and practitioners in data analytics in the financial sector to co-create the guide.
- The full list of members of the Fairness, Ethics, Accountability and Transparency (FEAT) Committee, is at Annex A. 4 MAS will be engaging the industry to obtain views and feedback on the proposed guide in Q2 2018.
- MAS
- Letters to Editor
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- Ravi Menon Managing Director Monetary Authority of Singapore
- MAS closely monitors these FIs’ workforce profile by locals (citizens and PRs separately) and foreigners, broken down by seniority, business function, qualifications, etc. MAS engages FIs’ senior management on their workforce profiles and plans to grow the Singaporean core.
- The Monetary Authority of Singapore (MAS) established a $125 million package earlier this year to encourage financial institutions (FIs) to retain, train, and hire Singaporeans. We want to see a strong Singaporean core complemented by high-quality and diverse foreign talents in every major FI.