Category Archives: Uncategorized

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)”

The proposed framework is to strengthen surveillance and defence against money laundering (ML) risks in Singapore’s Single Family Office (SFO) sector. MAS proposes to (a) harmonise the criteria for SFOs to be exempt from licensing under the SFA; and (b) introduce new notification and reporting requirements to better monitor SFOs operating in Singapore. a) HarmoniseContinue reading “MAS Consultation Paper on Proposed Framework for Single Family Offices (31 July 23)”

The proposed code of conduct establishes minimum industry standards of transparency in methodologies and data sources, governance, and management of conflicts of interest. MAS proposes a phased and proportionate regulatory approach. It will first implement a voluntary industry Code of Conduct (“CoC”) for ESG rating and data product providers. Subsequently MAS will conduct a moreContinue reading “MAS Consultation (28 June 23) – Proposes Code of Conduct for Providers of ESG Ratings and ESG Data Products”

The paper sets out positive data analytics use cases and information for financial institutions (FIs) to take reference from in enhancing detection and mitigation of misuse of legal persons risks. The paper highlighted progress in detection and mitigation of risks where there is increase in suspicious transactions report filed due to increased awareness, increased explorationContinue reading “MAS Paper (June 2023) – Effective Use of Data Analytics to Detect and Mitigate ML/TF Risks from the Misuse of Legal Persons”