Halister News

(Bloomberg) -- A total of 16 firms slapped with fines of up to S$800,000 last year for money-laundering breaches, according to the Monetary Authority of Singapore’s latest annual report.

• MAS issued 19 warnings and reprimands to financial institutions last year
• MAS conducted 54 anti-money laundering inspections; controls generally in place: annual report
• Financial institutions need continue to boost transaction

monitoring systems; need to enhance monitoring activities in multiple accounts belonging to the same beneficial owner: MAS

• MAS took 368 regulatory and enforcement actions for

securities breaches from April 2015 to March 2016

• Commercial banks’ assets -0.2% to S$1.06t, first decline since 2002: MAS
• Singapore’s asset management industry +9% in 2015, with assets under management at S$2.6 trillion; ~80% of AUM from investors outside Singapore
• Net funds raised in domestic capital market fell 53% to S$45.6 billion from 2014: MAS
• Short position reporting on securities trading will be

introduced in 2017; collateralized trading in 2018

• Market participants will have adequate time to adjust to

changes: MAS

• MAS expects to complete mandatory trade reporting requirement

by 1H 2017

• MAS finalizing legislative amendments to enhance regulatory

safeguards for those investing in capital markets products

• MAS looking at ’’electronification’’ of foreign exchange trading