Monetary Authority of Singapore

Swiss-Asia Financial Services fined S$2.5 million for breaches of anti-money laundering requirements

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SINGAPORE: The Monetary Authority of Singapore (MAS) has fined Swiss-Asia Financial Services S$2.5 million (US$1.8 million) for multiple breaches of requirements to safeguard against money laundering and terrorism financing. A reprimand has also been issued to the company’s chief executive officer and chief operating officer for failing to ensure compliance with these requirements.   The … Read more

Singapore’s economy boosted by Taylor Swift, Coldplay shows; over half of concertgoers ‘likely’ from overseas

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SINGAPORE: Singapore’s economy was boosted by a “surge in tourism activity” in the first quarter of 2024 due to concerts by British rock band Coldplay and American pop star Taylor Swift, the Monetary Authority of Singapore (MAS) said on Friday (Apr 26). Both acts played at the 55,000-capacity National Stadium – Singapore’s largest stadium – … Read more

Remittance to China through non-specified channels remain suspended for six more months

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To keep transaction costs low for customers, remittance companies sometimes engage overseas third-party agents, instead of banks, to complete the transfer from Singapore to China, according to MAS in a news release last December. Most of the time, the money sent through these channels is successfully deposited in the beneficiaries’ bank accounts in China. “However, … Read more

MAS keeps monetary policy unchanged for third time in a row

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But core inflation, which is a key barometer for the central bank, should decline gradually and step down by the fourth quarter before falling further next year, MAS added. The key inflation gauge is expected to slow to an average of 2.5 to 3.5 per cent for 2024, unchanged from earlier estimates. Excluding the impact … Read more

New association in Singapore to focus on developing talent, industry standards in sustainable finance

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Meanwhile, the SSFA can take the lead in developing industry best practices in areas such as the trading of carbon credits and transition finance. Having clear and credible standards can mitigate the risk of greenwashing and provide more confidence for capital to be channelled to legitimate green and transition activities, said Mr Chia. In the … Read more

Singapore acts to address cases of frozen remittances in China worth S$13 million

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SINGAPORE: The Monetary Authority of Singapore (MAS) on Monday (Dec 18) instructed remittance companies here to use only banking and card channels to transfer funds to China, after Singapore police received hundreds of reports of remittances being frozen overseas.  From Jan 1 to Mar 31 next year, remittance companies cannot use overseas third-party agents of non-bank and … Read more