Thursday, May 26, 2016

MAS withdraws V Wealth’s status as a RFMC

The Monetary Authority of Singapore (“MAS”) withdrew V Wealth Capital Pte Ltd’s status as a Registered Fund Management Company (“RFMC”) with effect from 20 May 2016. V Wealth will no longer be allowed to carry out fund management activities in Singapore.

The decision was made as V Wealth had failed to comply with the following requirements:
  • Failure to notify MAS of,
    1. change of its principal place of business;
    2. resignation of its director; and
    3. change to the personal particulars of its director.
  • Failure to submit an auditor’s report and the accompanying financial statements. 
  • Failure to furnish to MAS information requested by MAS via the written directions issued.

Tuesday, May 10, 2016

The U.S. Treasury Announces Key Regulations

The U.S Department of the Treasury announced several actions to strengthen financial transparency and combat the misuse of companies to engage in illicit activities. These actions target the key points of access when:
  • companies open accounts at financial institutions;
  • companies are formed, or ownership is transferred; and
  • foreign-owned U.S. companies seek to evade their taxes.
Most of these AML/CFT measures have already been implemented and practised in other jurisdictions, including Singapore.