Daily Briefing: Singapore fines 2 banks for 1MDB-linked lapses; What you need to know about Singapore private banking sector
And here's the difference between a leasehold and freehold property in Singapore.
Singapore regulators said on Friday they will fine two British Banks a total of over $5.3m for having breached the money laundering rules in dealings with an indebted Malaysian state fund. Standard Chartered Bank was slapped with a $5.2 million penalty while Coutts bank was fined $2.4 million for breaching anti-money laundering regulations in 1MDB-linked transactions, the Monetary Authority of Singapore (MAS) said in a statement. Read the full story here.
A total of eight private banks have exited Singapore over the past two years, which includes Barclays Private Bank, Coutts International, and most recently, ANZ. This, however, is not due to the lack of demand. It should be noted that out of the eight, two were actually shut down by the MAS as a result of anti-money laundering violations. Get to know the overview of Singapore private banking sector by clicking on this link.
The real estate market in Singapore has been on the depressed side for the past two years. While this has been a boon for new home buyers, investors who purchased properties for capital appreciation at the height of the boom in 2013 have seen the value of their investments depreciate sharply. The price of a property in Singapore is broadly influenced by three factors. While general market conditions and the location of the property play an important role in determining values, buyers should bear in mind that freehold properties command a premium over those that have leasehold tenures. Get to know the difference between a leasehold and freehold property here.
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