Monetary Authority of Singapore

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.

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.

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.

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.

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.

Supervision & Enforcement

MAS Cancels Insurance Broker’s Registration for Regulatory Breaches

By Nithya Subramanian | 25/07/2024

Acesynergy Brokers failed to comply with applicable regulatory requirements, registration conditions, and written directions from MAS.

Custody & Infrastructure

MAS Grants In-Principle Approval to Digital Asset Custodian Hex Trust

By Ranamita Chakraborty | 25/07/2024

Hex Trust said the MPI license will allow it to offer regulated DPT services in Singapore, namely for custody and OTC trading of DPTs.

Nature & Biodiversity

Central Banks, Regulators Told to Tackle Deforestation

By ESG Investor | 19/07/2024

The World Wide Fund for Nature calls on central banks and regulators to take steps to limit capital flow to deforestation activities.

AI Risk & Governance

MAS to Support Quantum, AI Tech with S$100m Grant

By Nithya Subramanian | 19/07/2024

MAS said developing quantum and GenAI technologies are key priorities for building up capabilities in the financial sector.