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”
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Licensing criteria for fund management companies
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”
MAS issued consultation paper to update existing AML/CFT requirements
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”
MAS issued consultation paper on amendments to its investigative and other powers
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”
MAS updates various notices and guidelines
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”
MAS issues consultation paper on proposals to mandate reference checks – 14 May 2021
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”
Personal Data Handling and Breaches
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”
Emerging ML/TF Trends and Risks
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”
Benford’s Law and Suspicious Transactions Detection
People may or may not know come across Benford’s Law which is also known as the law of first digits. It identifies the first digits of numbers found in series of numerical data (refer to below illustration) which can be applied widely from stock prices to your electricity bills. According to this law, “1” isContinue reading “Benford’s Law and Suspicious Transactions Detection”