Tightened Rules Help Banks in Long Term, Singapore Group Says
Source: BFW (Bloomberg First Word)
Tickers
0206021D MK (1Malaysia Development Bhd)
MASP SP (Monetary Authority of Singapore)
BBTG11 BZ (BTG Pactual Group)
People
Tan Su (DBS Group Holdings Ltd)
To de-activate this alert, click here
UUID: 7947283
(Bloomberg) -- Rules in Singapore surrounding tax reporting and anti-money laundering have been tightened significantly in past five years, says Tan Su Shan, co-chair of Monetary Authority of Singapore’s Private Banking Industry Group.
Alert: HALISTER1- “While this has resulted in increased costs in compliance and surveillance, it is better for all industry players in the long term as standards are lifted across the board,” Tan says in comments e-mailed Tuesday
- Tan, also DBS Group’s head of consumer banking and wealth management, responds to request for comment on impact of closure of BSI unit in the city state
- READ: BSI Unit Shut by Singapore as Swiss Probe Bank’s 1MDB Links
Source: BFW (Bloomberg First Word)
Tickers
0206021D MK (1Malaysia Development Bhd)
MASP SP (Monetary Authority of Singapore)
BBTG11 BZ (BTG Pactual Group)
People
Tan Su (DBS Group Holdings Ltd)
To de-activate this alert, click here
UUID: 7947283