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MAS proposes new identification rules to deter abuse of omnibus accounts

The Monetary Authority of Singapore (MAS) has published a consultation paper on rolling out measures, such as mandatory ultimate beneficiary ownership (UBO) disclosure, to discourage financial institutions from holding omnibus accounts. In publishing ‘Requirements on Controls Against Market Abuse’, the Singaporean regulator hopes to take a step towards broadening its supervisory scope and identifying possible misconduct earlier by requesting more…

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