Monetary Authority of Singapore

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    Anti-Money Laundering

    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.

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    Structural Regulation

    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.

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    Trading & Investment

    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.

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    Cybersecurity

    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.

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    Conduct, Culture & Accountability

    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.

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    Anti-Money Laundering

    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.

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    Supervision & 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.

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    KYC & CDD

    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.

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    Conduct, Culture & Accountability

    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.

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    Capital Adequacy

    MAS Proposes Simplified Leverage Requirements for REITs

    By Nithya Subramanian | 25/07/2024

    MAS has proposed a minimum ICR threshold of 1.5 times, applicable to all REITs, and an aggregate leverage limit of 50 percent.

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