MAS said that they ensure that licensed payment platforms comply with anti-money laundering and terrorism financing operations and have risk management practices. However, MAS does not regulate these platforms for "safety and soundness".
I am puzzled by this stand by MAS.
Surely, the key duty of a regulator is to ensure that the platforms are operated safely and soundly?
While the regulator cannot ensure that the investments are totally safe, it should carry out regular audits and inspections to ensure that the platforms comply with their internal standards (which they announce to their customers) and to regulatory controls .
4 comments:
MAS is now run by ' It is not what you know but who you know!'
They are there because they have to not because they want to.
With the kind of money they were paid yearly, they can afford to lose their job. If you are keeping track of MAS, all of them are equipped with the gift of the gap, not real talent or
there the country. What is even worse is there are two tongue twisters heading MAS.
Lost 7 billion with no accountability?
1) Weak credibility.
2) Weak underlying political structure.
3)The long lag time between identifying a problem and implementing a policy.
4) Put in 1 per cent effort still entitled to the same pay. Put in 10% effort also entitled to the same amount of pay.
Take credit for success but blamed the failure on external circumstances in a topsy-turvy world, or just keep quite about it.
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