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Top related persons:
Hern Shin - 1 David Chew - 1 Ho Hern Shin - 1
Top related locs:
Singapore Sands cryptocurrencies
Top related orgs:
MAS - 2 Monetary Authority - 1 CNN - 1 Singapore Police Force - 1 Police - 1 Cypriot - 1 Commercial Affairs Department - 1 Financial Intelligence - 1

Search resuls for: "Hern Shin"


3 mentions found


☆ Singapore to tighten crypto regulations for retail customers
  + stars: | 2023-11-24 | by ( Sheila Chiang | ) www.cnbc.com   time to read: +1 min
A woman rides her bicycle with the Marina Bay Sands hotel and high-rise buildings in the background in Singapore on Sept. 4, 2023. Singapore will introduce tighter rules for cryptocurrency service providers, following feedback on its proposed regulations, said the city-state's financial authority. "The consulted proposals detail business conduct and consumer access measures to limit potential consumer harm," the Monetary Authority of Singapore said in a statement on Thursday. The measures will include barring crypto service providers in Singapore from accepting locally issued credit card payments, offering incentives to trade in cryptocurrencies and providing financing, margin or leverage transactions for retail customers. "We urge consumers to remain vigilant and exercise utmost caution when dealing in digital payment token services, and to not deal with unregulated entities, including those based overseas."
Persons: Hern Shin Organizations: Monetary Authority, MAS Locations: Sands, Singapore, cryptocurrencies
☆ Ten foreigners arrested as $735 million in cash and assets seized in Singapore
  + stars: | 2023-08-17 | by ( Amarachi Orie | ) edition.cnn.com   time to read: +3 min
CNN —Ten foreign nationals have been arrested in Singapore on suspicion of committing offenses such as forgery and money laundering after about S$1 billion ($735 million) worth of cash and assets were seized in raids across the country. Two gold bars, more than S$23 million ($17 million) in cash, more than 250 luxury bags and watches, more than 270 jewelry items, more than 120 electronic devices and 11 documents related to virtual assets were seized, according to police. Also targeted were 94 properties and 50 vehicles, with an estimated total value of more than S$815 million ($599 million), police added. Prohibition of disposal orders were issued against 50 vehicles and 94 properties -- with an estimated total value of more than S$815 million ($599 million). If found guilty, individuals charged with money laundering could face up to 10 years in prison and/or a fine of up to hundreds of thousands of dollars.
Persons: David Chew, Ho Hern Shin Organizations: CNN, Singapore Police Force, Police, Facebook, Reuters, Cypriot, Commercial Affairs Department, Financial Intelligence, Monetary Authority of Singapore, MAS, Gallup’s Global Locations: Singapore
☆ Singapore's central bank imposes additional capital requirement on DBS Bank
  + stars: | 2023-05-05 | by ( Navya Mittal Yantoultra Ngui | Navya Mittal | Yantoultra Ngui | ) www.reuters.com   time to read: +2 min
May 5 (Reuters) - The Monetary Authority of Singapore on Friday imposed additional capital requirement on DBS Bank, the banking arm of the country's largest lender DBS Group (DBSM.SI), following the disruption of its banking services in recent months. "Together with the additional capital requirement imposed on DBS in February 2022, this translates to approximately S$1.6 billion ($1.21 billion) in total additional regulatory capital," MAS added. The additional capital requirement for DBS is now a multiple of 1.8 times to its risk weighted assets for operational risk, an increase from the multiple of 1.5 times MAS applied in February 2022 following the November 2021 disruption, according to MAS. MAS has now required a comprehensive review it directed DBS to conduct in March to cover the May incident, MAS said. "The additional capital requirement imposed at this time underscores the seriousness with which MAS treats this matter," she said.
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