Annette Lu

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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🚨 49 𝑢𝑛𝑑𝑒𝑟 𝑖𝑛𝑣𝑒𝑠𝑡𝑖𝑔𝑎𝑡𝑖𝑜𝑛. 𝑆𝐺𝐷 200,000 𝑠𝑒𝑖𝑧𝑒𝑑. The Singapore Police Force and digital payments firm StraitsX recently an uncovered a money mule scheme where individuals allegedly sold access to their #crypto accounts and Singpass credentials — some for as little as SGD 400 — which were then used to launder scam proceeds. StraitsX's "enhanced capabilities to detect suspicious financial activities” had led to the identification of the suspects. It’s the latest example of how illicit actors are leveraging individual money mules in their crypto laundering schemes. And, more importantly, how robust compliance controls can stop them. In a recent TRM webinar, StraitsX’s Head of Compliance Aaron Chua and other compliance leaders discussed how payment service providers can navigate these risks while still delivering on the promise of crypto payments — through #blockchainintelligence, tailored transaction monitoring, and risk frameworks. 📺 To learn more, catch the full webinar recap here: https://lnkd.in/eKHVDY2H

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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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Hear from Jiahao Teo, Chief Data and AI Officer, HSBC as he accepts the 𝐎𝐮𝐭𝐬𝐭𝐚𝐧𝐝𝐢𝐧𝐠 𝐔𝐬𝐞 𝐨𝐟 𝐀𝐈 𝐢𝐧 𝐑𝐢𝐬𝐤 𝐌𝐚𝐧𝐚𝐠𝐞𝐦𝐞𝐧𝐭 and 𝐎𝐮𝐭𝐬𝐭𝐚𝐧𝐝𝐢𝐧𝐠 𝐔𝐬𝐞 𝐨𝐟 𝐀𝐈 𝐢𝐧 𝐂𝐮𝐬𝐭𝐨𝐦𝐞𝐫 𝐄𝐱𝐩𝐞𝐫𝐢𝐞𝐧𝐜𝐞 awards at the 𝐆𝐥𝐨𝐛𝐚𝐥 𝐀𝐈 𝐈𝐧𝐧𝐨𝐯𝐚𝐭𝐢𝐨𝐧 𝐀𝐰𝐚𝐫𝐝𝐬 𝟐𝟎𝟐𝟓. HSBC’s AI Fraud & Scam Defence Suite integrates real-time detection and scam susceptibility models to enhance fraud detection, reduce false positives, and minimise customer intervention, setting a new benchmark in banking fraud management. Simultaneously, AI is revolutionising the Contact Centre through customer journey analysis, AI-assisted support, and self-service bots—leveraging data from interactions across markets to optimise customer experiences and service efficiency. #GAII25 #BankingAwards #ArtificialIntelligence #AI #AIinFinance #FinancialAI #BankingTransformation #FutureofFinance #RiskManagement #CustomerExperience | HSBC International Wealth and Premier Banking | Mohamed Elnaggar

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The Financial Services and the Treasury Bureau has published a roadmap that would lead to large publicly accountable entities (e.g. large financial institutions) to adopt ISSB reporting in 2028. Although this seems far away, it is important to assess the implications and alignment with existing Hong Kong Stock Exchange requirements. Ultimately it will lead to more extensive external reporting on sustainability which in turn requires more robust control over data, systems and processes. For more information please see our summary paper. Eddie Ng, Erik Bleekrode, Catherine Chung, Irene N.Y. Chu, Jocelyn Ho, Angus Choi

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Monetary Authority of Singapore (MAS) - Response to Feedback Received on Proposed Regulatory Approach, Regulations and Notices for Digital Token Service Providers issued under the Financial Services and Markets Act 2022 Source: https://lnkd.in/gD6basZT #response #feedback #mas #singapore #approach #regulation #notice #vasp #cryptoassets Highlights: MAS would like to reiterate that a DTSP licence will only be granted under extremely limited circumstances. Hence, MAS maintains our position that no transitional period will be provided. Instead, MAS will provide the four-week commencement notification period for DTSPs to suspend or cease the provision of all DT services by 30 June 2025. In relation to DTSP licence fees, the proposed DTSP licence fees are structured similarly to the licence application fees and annual licence fees applied to payment service providers who provide digital payment token services (“DPTSPs”), where the fees are fixed regardless of the size and scope of the DPTSP’s business operations. In particular, all licensees would be subject to an annual licence fee of $10,000, regardless of the number of DT services which it provides. In this regard, MAS has maintained the proposed DTSP licence fees. Regarding the scope of Part 9 of the FSM Act, DTSPs are (i) individuals or partnerships that are operating from a place of business in Singapore or (ii) Singapore corporations, whether from Singapore or elsewhere, that are carrying on a business of providing DT services outside Singapore, as set out in section 137 of the FSM Act. In determining whether a DTSP is “carrying on a business of providing DT services outside Singapore”, factors such as whether the DTSP’s front-office functions (e.g., sales, business development) or customers are located outside Singapore etc., would be relevant. In respect of the inclusion of technology risk management and cyber hygiene requirements, as highlighted in the consultation paper, licensees’ ability to execute DT services are dependent on the underlying distributed ledger technology and other service providers in the network. As technology related threats and vulnerabilities such as cyberattacks and system outages could significantly impact and disrupt the licensees’ provision of DT services, it would be important for licensees to implement controls to manage the technology risks that may arise in their course of business As set out in the consultation paper, one of the key objectives of the minimum initial and ongoing financial requirements is for licensees to demonstrate their commitment to maintain a meaningful presence in Singapore. Therefore, MAS will maintain the minimum initial and ongoing financial requirements of $250,000 in base capital, total capital contribution and cash deposit in the case of a company, partnership or limited liability partnership and individual respectively.

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Thailand’s central bank has released its AI Risk Management Guidelines for Financial Service Providers. The guidelines are an important step in shaping responsible AI use in the financial sector, setting expectations for governance, development, and security controls of AI systems. Financial institutions and service providers must ensure effective oversight, strong data and model management practices, and safeguards against cybersecurity threats, all while maintaining compliance with applicable laws. With these guidelines, Thailand is taking a balanced approach that encourages innovation while reinforcing financial stability and consumer protection. For more information, please read the full article from the link below or contact the authors Nop Chitranukroh, Nopparat Lalitkomon, Pornpan Wichawut, Thammapas (PT) Chanpanich, Napassorn Lertussavavivat, or Rujaporn Paritsantik. https://lnkd.in/gyWqTie8

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With the implementation of the stablecoin regulatory regime, the Hong Kong Monetary Authority (HKMA) has issued the Guideline on Anti-Money Laundering and Counter-Terrorist Financing (for Licensed Stablecoin Issuers), which sets out the AML/CFT regulatory requirements on licensed stablecoin issuers and also provides guidance to help them understand the money laundering and terrorist financing risks associated with regulated stablecoin activities.   In this legal update, Financial Services Regulatory partner Sara Or and associate Michelle Ng provide a high-level comparison of AML/CFT requirements across three types of financial institutions supervised by HKMA: ➡️ authorized institutions (i.e. banks (conventional banks and digital banks) and deposit-taking companies) ➡️ stored value facility licensees ➡️ licensed stablecoin issuers   By following the life cycle of a stablecoin transaction, this legal update offers practical insights into how the AML/CFT requirements on licensed stablecoin issuers compare to the AML/CFT requirements on authorized institutions and SVF licensees.   Learn more: https://lnkd.in/gDFbin9R #Stablecoins #AML #CFT

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