Author Archives: compliancetransparency

Previously on 6 July 2018, MAS issued a consultation paper to seek feedback on proposed changes to the misconduct reporting requirements. MAS is now consulting on the legal amendments to the FAA Notice, IA Notice and SFA Notice to implement changes to the misconduct reporting requirements. The key changes include application of requirements to RFMC,Continue reading “MAS Consultation Paper on Revised Notices for Misconduct Reporting (19 April 2022)”

On 17 January 2022, MAS issued guidelines spelling out its expectation that DPT service providers should not promote their DPT services to the general public in Singapore and discourage cryptocurrency trading by the general public. This includes placing any form of advertisements or promotional materials in public areas, such as public transport and related venues,Continue reading “MAS issues Guidelines On Provision Of Digital Payment Token (DPT) Services To The Public”

The Monetary Authority of Singapore (“MAS”) issued regulations and requirements on the exemption frameworks for cross-border business arrangements of capital markets intermediaries involving Foreign Related Corporations and Foreign Offices. The following provides a summary of key information on the regulations and requirements which are effective on 9 October 2021. Disclaimer: The information, views or opinionsContinue reading “MAS Exemption Frameworks for Cross-Border Business Arrangements”

The Guidelines on Licensing, Registration & Conduct of Business for fund management companies explain the minimum licensing/ eligibility criteria, and business conduct requirements. In the latest update in August 2021, the below criteria for licensing application was included. “A person that manages own assets or moneys both in form and substance, does not require aContinue reading “Licensing criteria for fund management companies”

On 9 July 2021, the Monetary Authority of Singapore (MAS) issued consultation paper proposing to update anti-money laundering and countering the financing of terrorism (AML/CFT) notices for financial institutions (FI) and variable capital companies (VCC). MAS intends to introduce AML/CFT requirements relating to services and transactions involving Digital Payment Token (DPTs) and digital tokens thatContinue reading “MAS issued consultation paper to update existing AML/CFT requirements”

On 2 July 2021, the Monetary Authority of Singapore (MAS) issued consultation paper proposing to strengthen MAS’ evidence-gathering powers and facilitate greater inter-agency coordination. The types of power may be new or amendments to existing powers. Requiring any person to provide information for the purposes of investigation Allow MAS to require information from any personContinue reading “MAS issued consultation paper on amendments to its investigative and other powers”

On 28 June 2021, the Monetary Authority of Singapore issued updates relating to definitions or references to banking institutions or merchant banks in various notices and guidelines. These include Prevention of Money Laundering and Countering the Financing of Terrorism notices (eg. SFA 04-N02, VCC N01, FAA N06), Guidelines on Risk Management Practices – Board andContinue reading “MAS updates various notices and guidelines”

The proposed scope for mandatory reference check requirements will extend beyond representatives to other employees. MAS is seeking feedback on the below. Scope of financial institutions (FI) The proposed scope includes licensed/regulated FI such as banks, finance companies, insurer, capital markets services licence holder, financial adviser, exempt financial adviser, insurance broker, exempt capital markets servicesContinue reading “MAS issues consultation paper on proposals to mandate reference checks – 14 May 2021”

It was reported in the public news on 7 May 2021 that a Singapore bank leaked information on more than 1,100 of its customers. It is interesting to know that preliminary findings revealed that an employee fell prey to a Chinese police impersonation scam, leading to disclosure of customer names, identification, mobile numbers and accountContinue reading “Personal Data Handling and Breaches”

The Monetary Authority of Singapore (MAS) recently raised its attention on potential emerging money laundering risks from Variable Capital Companies (VCCs), and virtual assets or digital payment tokens. Read the article here. The VCC is a flexible corporate entity and the adoption rate has been very encouraging, boosted by various grants and incentives. Likewise, SingaporeContinue reading “Emerging ML/TF Trends and Risks”