Lee Xuan De

MAS and The Association of Banks in Singapore (ABS) jointly announced the incorporation of Singapore Payments Network, which will administer and govern Singapore’s national payment schemes. This follows MAS’ and ABS’ earlier announcement on the intention to set up a new entity to consolidate the administration and governance of Singapore’s national payment schemes to position them for the next stage of growth, and to collaborate with MAS on the development of Singapore’s national payments strategy. More here: https://lnkd.in/eGwhBZdN

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Singapore's National Anti-Money Laundering Strategy outlines a strategic approach to address money laundering risks. The Ministry of Home Affairs Singapore, Ministry of Finance (Singapore), and the Monetary Authority of Singapore (MAS) have established the three pillars of prevention, detection, and enforcement, supported in turn by three inter-dependent building blocks of Whole-of-Society Coordination and Collaboration, Legal and Regulatory Framework, and International Cooperation. MAS has also published risk assessment reports and an information paper outlining MAS' AML/CFT supervisory expectations.  In this article, our experts Adrian Ang, Jason Chan, Aaron Lee, Bik Wei Lee, May Ling Lee, Francis Mok, Catherine Neo, Zhi Feng Tan, and Karen Tiah provide an outline of these key documents. #allenandgledhill #singapore #AML #CFT

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The Singapore government confirms that single-family offices will need to register with the Monetary Authority of Singapore (MAS) and be subject to AML/CFT due diligence through local banks but will not become subject to regulatory supervision. https://lnkd.in/gPXUBdQD

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Security Bank’s FVP and Financial Crime Compliance Head, Daniel Ang, CAMS, joined the recent FinCrime Summit Singapore on the panel “Unspoken Risks: How Leadership and Cultural Gaps Quietly Erode Compliance, Internal Controls, Financial Crime and AML Resilience.” During the discussion, Daniel shared important tips on how embedding a compliance mindset isn’t just a policy—but a daily practice at Security Bank. By making compliance and risk ownership part of every decision, organizations can unify fragmented cultures, turn audit findings into real change, and future-proofing defenses against financial crime. #BetterBanking 💚💙

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📢 The Monetary Authority of Singapore (MAS) has issued recent enforcement actions, including the revocation of a Capital Markets Services licence and penalties against multiple financial institutions (FIs). These actions reflect MAS’s continued focus on ensuring that FIs maintain effective compliance frameworks and meet their obligations under Singapore’s regulatory regime. The enforcement measures highlight the importance of:  ✅ Timely regulatory reporting  ✅ Adherence to licensing conditions  ✅ Effective AML/CFT implementation  ✅ Comprehensive oversight by boards and senior management With MAS’s ongoing emphasis on regulatory standards, now is the time for firms to review their controls, strengthen oversight, and ensure compliance https://lnkd.in/e3DgAWES

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Last week, Blockchain Association Singapore partnered with The Association of Banks in Singapore to present a panel at the ABS Financial Crime Seminar 2025. Moderated by Angela Ang, the panel tackled pressing issues in global crypto regulation, offering unique perspectives on how Anti-Money Laundering (AML) and Countering the Financing of Terrorism (CFT) protocols are being implemented across cryptocurrency exchanges worldwide. A key focus was the dynamic relationship between traditional banking and decentralised finance, exploring how both sectors can leverage each other's strengths and regulatory approaches. The panel of Industry experts, Peiying C., Hassan Ahmed, Chin Tah Ang, and Gerald Goh delivered compelling insights during the panel sessions, contributing their specialized knowledge to advance understanding of financial crime prevention in digital asset markets. The successful collaboration was made possible through the support of Ai Boon Ong-Ang and the Monetary Authority of Singapore (MAS), whose partnership with BAS demonstrates Singapore's commitment to developing robust regulatory frameworks that protect the financial system while enabling innovation in the cryptocurrency sector.

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In Deutsche Bank AG Singapore Branch v ARJ Holding Ltd [2025] SGHC 163, the Singapore High Court held that even where a contract grants a bank “absolute discretion”, that discretion must still be exercised in good faith – not arbitrarily, capriciously, or perversely.   In this article, Senior Partner Kia Jeng Koh, Partner Cher Han Toh, and Senior Associate Astrid Teo examine how this decision signals an emerging trend in Singapore’s jurisprudence and outline the practical implications for banks, including steps to mitigate the risk of breaching the implied duty of good faith. Full article: https://lnkd.in/gBGDjAp2 #Dentons #DentonsRodyk #DeutscheBank #DBvARJ #LegalUpdate

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Singapore introduces comprehensive framework for digital payment token regulation. The Monetary Authority of Singapore has set enhanced standards for anti-money laundering, technology risk management, and user protection. The framework includes enforcement coordination with law enforcement and public education initiatives. This approach demonstrates how regulators can balance innovation with consumer protection as cyber threats evolve. Uncover more in OpenGov Asia: https://lnkd.in/ge2BTzEm #DigitalFinance #Singapore

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