Showing 4566 Documents for "economic issues"
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- MAS
- Speeches
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- 41st Association of Banks in Singapore Annual Dinner Raffles City Convention Centre, Tuesday, 24 June 2014 “Making the Banking System More Resilient” Chairman and Council members of ABS, Ladies and Gentlemen It is my pleasure to be here this evening. An Uneven Global Recovery 2 The global economy continues to recover. Economic activity in the US has rebounded from a weak start, and is expected to pick up pace in the second half of 2014. The Eurozone and Japan should post modest growth for the
- MAS
- Guidelines
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- Guidelines on the Interpretation of persons who commonly invest in Division 3 of Part XII of the Securities and Futures Act (Cap. 289) Guideline No : SFA 12-G01 Issue Date : 8 October 2018 GUIDELINES ON THE INTERPRETATION OF PERSONS WHO COMMONLY INVEST IN DIVISION 3 OF PART XII OF THE SECURITIES AND FUTURES ACT (CAP. 289) (SFA) OBJECTIVE OF THE GUIDELINES These guidelines on the interpretation of the term persons who commonly invest (hereinafter referred
- MAS
- Guidance
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- This infographic provides an overview of MAS’ AML/CFT requirements and supervisory expectations for the Digital Payment Token (DPT) sector, and is intended to raise industry awareness among DPT service providers of sectoral money laundering and terrorism financing (ML/TF) risks, and provide additional information to support their implementation of effective controls. This document serves to supplement existing AML/CFT requirements, and should be read in conjunction with the Notice PS-N02 and accompanying
- MAS
- Consultations
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- Response VIEW DOCUMENT Response to Feedback: Amendments to Section 29 of the Banking Act (142.2 KB) Consultation Paper VIEW DOCUMENT Amendments to Section 29 of the Banking Act (111 KB) RESPONSE TO FEEDBACK RECEIVED CONSULTATION ON AMENDMENTS TO SECTION 29 OF THE BANKING ACT 1 Introduction 1.1 MAS released on 14 Jan 2005 an industry consultation paper on proposed amendments to section 29 of the Banking Act. An industry briefing was also held on 4 Mar 2005. 1.2 We
- MAS
- Notices
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- Requirements for capital markets intermediaries on anti-money laundering (AML) and countering the financing of terrorism (CFT). Financial institutions operating in Singapore are required to put in place robust controls to detect and deter the flow of illicit funds through Singapore's financial system. Such controls include the need for financial institutions to identify and know their customers (including beneficial owners), to conduct regular account reviews, and to monitor and report any suspicious
- MAS
- Speeches
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- Alain Papiasse, Deputy Chief Operating Officer and Head of Corporate and Investment Banking, BNP Paribas Group, Eric Raynaud, Chief Executive Officer of BNP Paribas Asia Pacific, Distinguished guests, ladies and gentlemen, good afternoon. I am delighted to join you today to celebrate the opening of BNP Paribas’ new Asia Pacific Campus here in Singapore. It is a truly impressive campus, skilfully combining the charms of a colonial heritage building with state-of-the-art facilities and technologies
- MAS
- Media Releases
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- New York/Singapore, 18/19 May 2023… The Federal Reserve Bank of New York’s New York Innovation Center (NYIC) and the Monetary Authority of Singapore (MAS) today published a research report detailing the results of the joint Project Cedar Phase II x Ubin+ (Cedar x Ubin+) experiment. The Cedar x Ubin+ experiment examined whether distributed ledger technology (DLT) could be used to improve the efficiency of cross-border wholesale payments and settlements involving multiple currencies. 2 The technical
- MAS
- Media Releases
Last revised date:
- Singapore, 25 November 2022… The United Kingdom (UK) and Singapore held the 7th UK-Singapore Financial Dialogue in Singapore today. Both countries renewed their commitment to deepening the UK-Singapore Financial Partnership that was agreed in 2021, discussed mutual priorities such as sustainable finance, FinTech and innovation, and agreed on further cooperation in these areas. 2. At the Financial Dialogue, the UK and Singapore agreed on a Memorandum of Understanding on the UK-Singapore FinTech Bridge
- MAS
- FAQs
Last revised date:
- Provides clarifications to some frequently asked questions on the Payment Services Act. Additional Document Infographic on the Payment Services Act 2019 (1.45 MB) 31 March 2021 FAQs - Payment Services Act last revised on 31 March 2021 (389.9 KB) . Monetary Authority of Singapore PAYMENT SERVICES ACT 2019 FREQUENTLY ASKED QUESTIONS (FAQs) ON THE PAYMENT SERVICES ACT (PS ACT) Disclaimer: These FAQs are meant to provide guidance to industry participants, in particular potential
Q&A covered- What is "limited purpose e-money"?
- What constitutes a "person outside Singapore" for the purposes of cross border money transfers?
- Does the calculation of the SPI threshold for e-money issuance include e-money that has already been spent?
- Do Technology Risk Management (TRM) measures apply to merchant acquirers?
- How is account issuance regulated under the PS Act different from the previously regulated payment services?
- What is interoperability and why is it necessary for Singapore’s e-payment ecosystem?
- Is a fiat on-ramp service required to safeguard the cryptocurrency purchased with fiat?
- How does MAS regulate AML/CFT measures for DPT service providers?
- Is all e-money regulated?
- E-wallet providers are prohibited from providing cash withdrawal services. Would this inability to withdraw cash discourage customers from using e-wallets?
- What requirements are non-bank credit cards or charge cards issuers subject to under the Payment Services Act?
- What is an e-wallet?
- Regulations relating to e-money stored in e-wallets
- When is an account issuance service provider also considered a merchant acquisition service?
- Why is it necessary to regulate the provision of an e-wallet as a separate activity from the issuance of e-money? Are they not the same?
- Is an e-wallet top up service an account issuance service?
- AML/CFT requirements for custodian wallet services
- Which regulated activities are typically associated with e-wallet businesses?
- When are e-wallet services considered "low risk"?
- Why are e-wallet providers prohibited from providing cash withdrawal services?
- What are some examples of entities that provide merchant acquisition services?
- What regulations are typically associated with e-money transfers?
- Do non-bank credit card or charge card issuers require a license under the Payment Services Act?
- The payment services of domestic money transfer, cross border money transfer and merchant acquisition appear to overlap. Is that intended?
- MAS
- Circulars
Last revised date:
ID 07/19 Issuance of Technical Specifications for RBC 2 Parallel Run for Year Ended 31 December 2018- Instructions for conducting RBC 2 parallel for YE2018. Resources RBC2 YE2018 Parallel Run Technical Specs Clean Copy (2.22 MB) MAS_RBC2 workbook YE2018 (570.9 KB) MAS_MA_YE2018 (125 KB) SGD and USD Spot Rates YE2018_Smith Wilson (164.9 KB) Questionnaire for YE2018 RBC2 Parallel Run (501.1 KB) Circular No. ID 07/19 6 May 2019 To Chief Executives All Insurers, with the exception of captives, Lloyds insurers and marine mutuals Dear Sir/Madam ISSUANCE OF TECHNICAL SPECIFICATIONS FOR RBC