The Monetary Authority of Singapore (Mas) has fined Standard Chartered S$6.4m (£3.5m, $4.9m €3.9m) for breaches to anti-money laundering and countering the financial of terrorism following the transfer of trusts from Guernsey.
In an attempt to curb mis-selling and adviser mass-migration, guidelines on the use of sign-on incentives in the recruitment of financial advisers have been rolled out by the Life Insurance Association of Singapore (LIA).
The Monetary Authority of Singapore (Mas) and the white-collar crime unit of the city-state’s police force are teaming up to investigate all capital markets and financial advisory offences.
Singapore’s economic crime unit has interviewed current and former Goldman Sachs executives over their links to beleaguered sovereign wealth fund 1Malaysia Development Bhd (1MDB), reports Bloomberg.
Lombard Odier makes two strategic appoints to its Germany and Austria team, Tilney names a business development manager and Rathbones pulls its new equity analyst from Fidelity International.
In a bid to curb mis-selling and provide a framework for how advisory businesses can recruit from rival firms, Singapore’s Life Insurance Association (LIA) is reviewing its policies and is planning to issue new guidelines.
As virtual currencies grow in value, investors have been warned about the risks of virtual currency-related investment schemes by Singapore’s Commercial Affairs Department (CAD) and the Monetary Authority of Singapore (Mas).
Holborn Assets is planning to expand across the Middle East and Asia over the next 12 months, while Schroders has created a new sales director role for the Middle East. A Manulife insurance salesperson in Hong Kong has been added to the Guinness Book of World Records for his astonishingly long career.
Lu International, a subsidiary of Shanghai-based wealth manager Lufax Holdings, is launching its first direct-to-consumer online investment platform for Chinese overseas retail clients.
The Monetary Authority of Singapore (MAS) will be sending mystery shoppers to financial advisers as part of its efforts to boost enforcement, according to Merlyn Ee, the regulator’s executive director for capital markets intermediaries.
Singapore’s asset management industry saw healthy growth of 7% last year, with managed assets hitting S$2.7trn ($1.96trn, $2.5trn, €2.23trn), according to new figures from the Monetary Authority of Singapore (MAS)
Singapore’s decision not to impose the same hefty fines on banks linked to 1MDB as other countries, but to instead name and punish individuals responsible, is a strong deterrent, said Ravi Menon, managing director of the city-state’s financial regulator.
