Monetary Authority of Singapore

AML / KYC

MAS to Require Family Offices to Undergo Screening Process

By Ranamita Chakraborty | 06/08/2024

From 1st October, Singapore-based family offices must complete a screening process with approved providers to qualify for tax incentives.

MAS Proposes New Rules to Improve Retail Client Safeguards

By Ranamita Chakraborty | 06/08/2024

The new requirements are designed to strengthen pre- and post-transaction safeguards for investment products.

MAS to Adjust Remuneration Rules for Financial Advisors

By Nithya Subramanian | 06/08/2024

The rules seek to promote proper supervision of financial advisers and reduce conflicts of interest and conduct risks in the industry.

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.