MONETARY AUTHORITY OF SINGAPORE

AML / KYC

MAS Consults on Suspension of Certain China Remittance Channels

By Nithya Subramanian | 06/08/2024

MAS proposes to continue with the suspension announced last December and to expand its scope to include legal entities.

Securities / Derivatives

CFTC Exempts Two Singapore RMOs from SEF Registration

By Nithya Subramanian | 05/08/2024

The exemptions bring the total number of exempted approved exchanges and recognised market operators from Singapore to 18.

Market Infrastructure

MAS Forms Review Group to Boost Singapore’s Equities Market

By Nithya Subramanian | 05/08/2024

The review group will propose measures to attract more listings, review regulatory frameworks, and improve market liquidity.

Fintech / Regtech

MAS Paper Warns FIs of Cyber Risks Arising from GenAI

By Ranamita Chakraborty | 04/08/2024

The paper focuses on deepfakes, GenAI-enabled phishing, AI-powered malware, data leakage and output manipulation.

Enforcement

MAS Reprimands Asset Manager, Bans CEO for Two Years

By Nithya Subramanian | 01/08/2024

MAS has also declined the RFMC’s application to upgrade to an LFMC. Effective 1 August, it cannot undertake fund management activities in Singapore.

AML / KYC

MAS Tightens Licensing Requirements for Payment Services

By Ranamita Chakraborty | 31/07/2024

Applicants must submit a legal opinion, an independent assessment report by an external auditor, and have a governance structure for compliance and AML/CFT oversight.

Enforcement

MAS Reprimands RVP One & CEO for Regulatory Breaches

By Nithya Subramanian | 31/07/2024

The RFMC failed to submit information about its financial returns and notify MAS of changes to its shareholding structure, MAS said.

AML / KYC

MAS Issues New ‘Source of Wealth’ Guidance for FIs

By Nithya Subramanian | 29/07/2024

MAS sets out key risk principles that FIs should follow when designing policies to establish SOW of customers.

Enforcement

MAS Issues New Guidance on Prohibition Orders Under FSMA

By Ranamita Chakraborty | 26/07/2024

The new PO regime will be brought into effect on 31 July as part of the third phase of implementing the Financial Services and Markets Act, which passed into law in April 2022.