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- Washington D.C / Singapore, 2 May 2023… The United States Department of the Treasury (Treasury) and the Monetary Authority of Singapore (MAS) carried out a cross-border cybersecurity exercise from 25 to 27 April 2023.
- The exercise follows from the Memorandum of Understanding on Cybersecurity Cooperation signed between Treasury and MAS in August 2021 https://www.mas.gov.sg/news/media-releases/2021/us-treasury-and-mas-finalise-a-memorandum-of-understanding-on-cybersecurity-cooperation . 3 Mr.
- The exercise is a key milestone in Treasury and MAS’ continued and close cooperation to strengthen our collective cybersecurity preparedness, and to safeguard financial stability.” 5 Following the exercise, Treasury and MAS reviewed the lessons gleaned, discussed possible enhancements and involvement
- MAS
- Parliamentary Replies
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- Answer by Mr Tharman Shanmugaratnam, Senior Minister and Minister in charge of MAS: 1. MAS has strict requirements on Anti-Money Laundering and Countering The Financing of Terrorism (AML/CFT), in line with international standards.
- MAS also actively supervises financial institutions (FIs) for adherence with our requirements and expectations. 2. In the past five years (i.e. from 1 June 2018 to 23 June 2023), a total of 20 investigations were opened against FIs for suspected breaches of MAS’ AML/CFT requirements. 3.
- MAS and the Commercial Affairs Department works closely with key FIs to share analyses of emerging ML/TF risks and information on specific cases. This partnership has helped identify suspicious accounts and activities and resulted in investigations.
- MAS
- Speeches
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- MAS has since consulted the industry on the Regulations and Guidelines that implement the Acts. I would like to inform you about two specific regulatory initiatives that MAS will implement in the Securities and Futures Regulations, which will be of particular interest to most people here.
- The RBC framework is the result of a 2-year long collaboration between MAS and SGX, and extensive consultation with stockbrokers and futures brokers.
- The new RBC framework will replace the existing Adjusted Net Capital regime with a more dynamic, risk-focused method of determining capital requirements. 7 I am pleased to announce that MAS and SGX will shortly introduce the new RBC framework for SGX members.
- MAS
- Speeches
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- MAS' SUPERVISORY APPROACH 8 MAS believes that there should be a constructive partnership between the regulator and the industry.
- MAS will explore ideas to enhance our competitiveness to encourage such risks to be underwritten in Singapore. We welcome feedback and suggestions.
- LIBERALISATION OF THE GENERAL INSURANCE INDUSTRY 11 MAS will also continue to encourage greater participation from a wide range of global insurance players in our market.
- MAS
- Speeches
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- About a month ago, the Monetary Authority of Singapore (MAS) held the inaugural Transition Finance towards Net Zero Conference.
- Welcome to the Singapore Pavilion’s Finance Day, hosted by the Monetary Authority of Singapore (MAS). Climate change is no longer a prediction, it is becoming a reality . The frequency and intensity of today’s extreme weather events have exceeded early climate models.
- To build a credible ESG data ecosystem, MAS has launched a collaborative effort with the financial industry called Project Greenprint .
- MAS
- Media Releases
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- Monetary Authority of Singapore 10 Shenton Way MAS Building Singapore 079117 Telephone: (65) 6225-5577 Annex A List of Financial Sector MOUs MOU Title 1.
- Authority of Singapore 10 Shenton Way MAS Building Singapore 079117 Telephone: (65) 6225-5577 1. 2. 3. 4. 5. 6. 7. 8. 9. 10.
- Mr Ravi Menon, Managing Director of the Monetary Authority of Singapore, said the greater use of electronic trade documents along the CCI-ILSTC would make verification checks easier, reduce the incidence of fraud and human error, and ultimately lower costs.
- MAS
- Media Releases
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- The Monetary Authority of Singapore (MAS) today issued transitional regulations under the Securities and Futures Act (SFA) and the Financial Advisers Act (FAA).
- MAS has been implementing the new legislation in stages.
- MAS will be informing intermediaries about their migration to the SFA and the FAA and the treatment of outstanding licence applications. Details of the transitional arrangements can be found on MAS' website www.mas.gov.sg .
- MAS
- Media Releases
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- Singapore, 13 October 2003...The International Advisory Panel (IAP) of the Monetary Authority of Singapore (MAS) met today to discuss the challenges and opportunities for Singapore against global trends in the financial industry and regional developments.
- The knowledge and expertise of this distinguished advisory panel provides MAS with a global perspective on financial sector issues, and helps MAS keep abreast of market developments and trends in major international financial centres.
- The IAP, chaired by Mr Lim Hng Kiang, Minister, Prime Minister's Office, Second Minister for Finance, and Deputy Chairman of MAS, comprises business and finance leaders from the international community. 2 IAP members observed that the global trend of outsourcing and offshoring of back and middle office
- MAS
- Parliamentary Replies
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- The appointments are in turn subject to approval by the Monetary Authority of Singapore (MAS).
- financial institutions and, if so, what is the extent of this role; and (b) whether MAS will intervene if such a position within a local financial institution has not been held by Singaporean citizens for an extended period of time.
- Answer by Mr Tharman Shanmugaratnam, Senior Minister and Minister in charge of MAS: 1. The key senior managers, including the chief executive officer, of a financial institution (FI) are appointed by its board of directors. 2.
- MAS
- Media Releases
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- As in most jurisdictions, MAS does not regulate cryptocurrencies.
- MAS is concerned that members of the public may be attracted to invest in cryptocurrencies, such as Bitcoin, due to the recent escalation in their prices. 2 MAS reminds the public that cryptocurrencies are not legal tender.
- Singapore, 19 December 2017… The Monetary Authority of Singapore advises the public to act with extreme caution and understand the significant risks they take on if they choose to invest in cryptocurrencies 1 .