HALISTER1: Singapore to Inspect Some Financial Institutions More Frequently

Singapore to Inspect Some Financial Institutions More Frequently

(Bloomberg) -- Recently established anti-money laundering department within the Monetary Authority of Singapore to conduct “more frequent, focused inspections” of financial institutions seen as facing higher risks, Tharman Shanmugaratnam, Deputy Prime Minister and Minister in charge of the regulator says in written answer to parliament.
  • Tharman says not possible to prevent regulatory breaches and misconduct with more than 1,500 financial institutions in Singapore; strong enforcement capability needed to shape market-participant behavior and deter unethical behaviour and complacency
  • Ambit of new department will expand beyond capital markets misconduct offences, to include banking and insurance sectors: Tharman
Alert: HALISTER1
Source: BFW (Bloomberg First Word)

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MASP SP (Monetary Authority of Singapore)

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Tharman Shanmugaratnam (Republic of Singapore)

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