Author Archives: compliancetransparency

The FAQ was updated on 8 October 2024 to provide guidance on computing the value of an Accreditor Investor’s (AI) holdings of digital payment tokens (DPTs). Individual AI From 4 October 2024, for the purposes of determining the value of an individual’s net personal assets, Financial Institutions (FIs) should adopt the following methodology to determineContinue reading “MAS FAQ on Accredited Investors (October 2024)”

The circular provides further guidance on establishing source of wealth (SOW). For the full details, please refer to the MAS website https://www.mas.gov.sg/regulation/circulars/circular-on-establishing-the-sources-of-wealth-of-customers Disclaimer: The information, views or opinions expressed are provided for general information and should not be relied upon as legal or professional advice.

The NRA articulates the latest TF threats and vulnerable sectors in Singapore. It was first conducted in 2020 and the latest assessment observed that the TF threat of raising and moving funds for terrorists and terrorism activities overseas remains pertinent in Singapore’s context. Self-radicalised individuals continue to pose the most salient TF threat to Singapore.Continue reading “Terrorism Financing (TF) National Risk Assessment (NRA) 2024”

The National Risk Assessment (NRA) provides an overview of Singapore’s key ML risks. The NRA includes the money laundering exposures and vulnerability in various sectors, with case studies and typologies. The key highlights are: Financial institutions (FIs) and DNFBPs should refer to the findings in this NRA to assist them in their risk assessments andContinue reading “MAS Money Laundering National Risk Assessment (20 June 2024)”

The Guidelines on Fair Dealing (“Guidelines”) was introduced in 2009 under the Financial Advisers Act and apply to the marketing and distribution of investment products, and the provision of financial advisory services. The Guidelines are focused on retail customers but there is expectation to apply the principles to other types of customers. On 14 DecemberContinue reading “MAS Responses – Consultation Paper on Revisions to Guidelines on Fair Dealing (30 May 2024)”

The Environmental Crimes Money Laundering (ML) National Risk Assessment (NRA) identifies the key threats and vulnerabilities in environmental crimes ML that Singapore is exposed to, and outlines mitigation measures which government agencies, financial institutions (“FIs”) and Designated Non-Financial Businesses and Professionals (“DNFBPs”) can develop to address the risks. The Environmental Crimes ML NRA assessed that:Continue reading “MAS Issues Environmental Crimes Money Laundering National Risk Assessment (May 2024)”

MAS issued consultation paper in May 2021 on proposals to require financial institutions (“FIs”) to conduct and respond to reference checks. Below is a summary of the responses. 2. Checks on out of scope employers/FI 3. Scope of employees 4. Lookback period for checks 5. Minimum mandatory information 6. Record keeping 7. Implementation For theContinue reading “Responses on MAS consultation paper on proposals to mandate reference checks – December 2023”

There are now separate Guidelines specifically for “Banks” and “Financial Institutions other than Banks”. An institution should conduct a self-assessment of all existing outsourcing arrangements against these Guidelines. As a result of the updates, The key principles of outsourcing remains unchanged. Some of the updates in the Guidelines on Outsourcing (Financial Institutions other than Banks)Continue reading “MAS issues updates to Guidelines on Outsourcing (December 2023)”

In the recent MAS Response to Public Consultation on Proposed Regulatory Measures for Digital Payment Token Services (Part 2), the below was proposed when determining AI eligibility. The proposed will be clarified in existing SFA FAQs on the definition of AI and AI opt-in regime. For the full details, please refer to https://www.mas.gov.sg/publications/consultations/2022/consultation-paper-on-proposed-regulatory-measures-for-digital-payment-token-services Disclaimer: TheContinue reading “Accredited Investors (AI) – Treatment of Digital Payment Tokens (DPT) Holdings for Determining AI Eligibility (23 November 2023)”

This consultation sets out MAS’ proposed Guidelines on Transition Planning (TPG) for all fund management companies and real estate investment trust managers. A transition period of 12 months is proposed after the TPG is issued. The TPG is intended to supplement the existing Guidelines on Environmental Risk Management for Asset Managers. The TPG sets outContinue reading “MAS Consultation Paper on Proposed Guidelines on Transition Planning for Asset Managers (18 October 2023)”