Account holders in Singapore have been told by the taxman to fully cooperate with their financial institutions as they determine the tax residency status of their clients under the Common Reporting Standard (CRS).
Potentially aggressive US trade policy and China’s expanding credit are top concerns, according to Richard Jerram, the Bank of Singapore’s (BoS) chief economist.
Former BSI banker Yeo Jaiwei has been found guilty of four charges of witness tampering by a Singapore court as part of the investigations into the 1Malaysia Development Bhd (1MDB) money laundering scandal.
Former BSI Singapore director Yvonne Seah has been sentenced to two weeks in prison and fined S$10,000 (£5,553, $6,943, €6,632) as part of the investigation into 1Malaysia Development Bhd (1MDB).
High net-worth individuals (HNW) in Singapore hold greater amounts of cash and deposits compared to their Hong Kong counterparts, according to Ivan Han, a Singapore-based senior analyst at Cerulli Associates.
Wealth management firms in Asia are ramping up domestic recruitment due to rising demand by Asian clients for advice from managers with local knowledge, language skills and cultural understanding.
Jerome Cahuzac, a cosmetic surgeon and former French budget minister tasked with cracking down on tax evasion, has been jailed for three years after he was found guilty of tax fraud and money laundering.
The Monetary Authority of Singapore (MAS) is looking to introduce an ethics module in exams taken by financial advisers and capital markets intermediaries, in the wake of the 1MDB scandal.
Old Mutual Wealth’s shock decision in February to buy AAM Advisory, the largest expat-focused IFA firm in Singapore, has in some ways felt like “having a tooth removed”, according to chief executive Matthew Dabbs.
An ex-Goldman Sachs banker is facing a ban from Singapore’s securities industry , while Standard Chartered and Coutts have been hit with record fines for their roles in Malaysia’s 1MDB scandal.
The impact of Singapore’s 55% cap on commission payments may not be as severe or restrictive as once thought, and may even see some advisers slightly better off, an industry source told International Adviser.
Lombard International, the global wealth structuring solutions provider, has been granted a Financial Adviser’s licence by the Monetary Authority of Singapore (Mas).
