Yip Hon Weng on Financial Services and Markets (Amendment) Bill
The Bill is an important piece of legislation that seeks to safeguard Singapore's status as a key financial centre and node for transactions, said MP Yip Hon Weng. Speaking in Parliament on Tuesday (May 9), he described it as “forward looking” in providing a comprehensive and consistent approach to combat financial crime across all financial institutions operating in Singapore. He also sought clarifications on the Bill. He wanted to know what the benefits are for banks to join COSMIC, given that client confidentiality is paramount for most banks. He also wanted to know how the discovery of irregularities would be dealt with.
The Bill is an important piece of legislation that seeks to safeguard Singapore's status as a key financial centre and node for transactions, said MP Yip Hon Weng. Speaking in Parliament on Tuesday (May 9), he described it as “forward looking” in providing a comprehensive and consistent approach to combat financial crime across all financial institutions operating in Singapore. He also sought clarifications on the Bill. He wanted to know what the benefits are for banks to join COSMIC, given that client confidentiality is paramount for most banks. He also wanted to know how the discovery of irregularities would be dealt with.
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