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Regulator also flags risks of financial exclusion as some ex-offenders being denied banking services ONLY connect. This perhaps sums up the potential behind the use of data analytics and information-sharing within the financial industry in combating financial crime, with the Monetary Authority of Singapore (MAS) looking to ramp up efforts in this area. Speaking at a financial crime seminar held by the Association of Banks in Singapore, Ho Hern Shin, MAS' assistant managing director of the banking and insurance group, said the regulator has applied data analytics to the suspicious transaction reports (STRs), of which there are more than 25,000 annually. These STRs are flagged by the financial institutions due to suspicions over illicit fund flows. "Applying data analytics to this data set has enabled us to identify suspicious fund-flow networks, and focus our supervisory attention on networks of higher-risk accounts, entities or activities," she said. ...

Mineral and resources company Abterra was suspended from trading on the Singapore Exchange (SGX) on Monday morning, after its request for an extension on time to hold its annual general meeting was rejected by the bourse operator in a letter received on July 13. Abterra had asked in April to push back the meeting deadline by four months, to Aug 31 at the latest, after Mazars LLP sought to resign as the company's statutory auditors while citing outstanding audit matters at a 51 per cent-owned Abterra subsidiary. But the SGX "noted that sufficient time had passed since the announcement was made and there continues to be no certainty on the timeline" for the appointment of new auditors, the finalisation of audited statements for the year to end-Dec 2017, and the convening of the annual general meeting, Abterra's board of directors has now said. The counter will remain suspended until the SGX is satisfied that the company is complying with the requirement to...

Magnus Energy is placing out 2.53 billion new shares at 0.09 Singapore cent apiece to four parties to raise S$2.28 million in cash. The four individuals are Lee Thiam Seng, Ong Boon Tiong Daniel, Low Chin Yen and Liu Bin. According to the company's filing to the Singapore Exchange, they are "private investors who have expressed their interest in taking up new shares in the company for investment purposes". The issue price represents a discount of approximately 10 per cent to the volume-weighted average price of S$0.001 for trades done on June 28, the last full market day with trade preceding the date on which the subscription agreement was signed. Magnus Energy's rationale is to strengthen its financial and working capital position. The company intends to use the net proceeds for general working capital for corporate expenditures, and as funds for a microalgae oil cultivation project. The shares represent approximately 20.05 per cent of the total num...