On 8 April 2025, the Monetary Authority of Singapore (“MAS”) published a Consultation Paper on the Proposed Amendments to Anti-Money Laundering and Countering the Financing of Terrorism Notices for Financial Institutions and Variable Capital Companies. In this consultation, the MAS proposes streamlined amendments across all financial institutions that predominantly implement best practices that were communicated […]

The International Internal Audit Standards Board released the new Global Internal Audit Standards (the new “IIA Standards”) on 9 January 2024, and the internal audit functions were required to adopt the new Standards by 9 January 2025  Based on the new IIA Standards, the Institute of Internal Auditors (“IIA”) has introduced several key changes that can […]

The Monetary Authority of Singapore (“MAS”) released its 2024 Proliferation Financing (“PF”) National Risk Assessment (“NRA”) and Counter-PF Strategy on 30 October 2024. This provides an in-depth analysis of Singapore’s exposure to PF risks and outlines a comprehensive framework to mitigate them. As PF threats grow more complex, the MAS emphasises the importance of financial […]

Financial institutions operating in Singapore, such as holders of a capital market services (“CMS”) licence and payment service providers (“PSPs”), are required to comply with anti-money laundering (“AML”) and countering the financing of terrorism (“CFT”) regulations. One of the key obligations is the timely filing of suspicious transaction reports (“STRs”) with the Suspicious Transaction Reporting […]

The Payment Services Act 2019 (PS Act) of Singapore is a comprehensive regulatory framework that governs payment service providers to enhance the safety, security, and efficiency of payment systems. One of the critical areas under the PS Act is the safeguarding of customer money, which ensures that customers’ funds are protected from misuse and insolvency […]

Licenced fund management companies restricted to servicing qualified investors, namely accredited investors and institutional investors, (“A/I LFMCs”) are generally required to submit quarterly and annual returns to the Monetary Authority of Singapore (“MAS”) to confirm their compliance with capital requirements and provide information for supervisory and statistical purposes. Every quarter, they must submit the following […]

In today’s dynamic business environment, managing risks effectively is critical to ensuring operational resilience, complying with regulatory requirements, and achieving organisational objectives. The risk control self-assessment (“RCSA”) process is a vital tool that empowers organisations to proactively identify, evaluate, and mitigate risks. What is the RCSA process? The RCSA is a structured and collaborative approach […]

On 30 October 2024, the Monetary Authority of Singapore (“MAS”) issued an information paper on “AML/CFT Supervisory Expectations from Recent Inspections”. This information paper sets out the MAS’ expectations and good practices noted in recent anti-money laundering (“AML”) and countering the financing of terrorism (“CFT”) inspections conducted across a range of financial institutions (“FIs”), including […]

The Monetary Authority of Singapore’s recent circular, issued on 25 October 2024, sets supervisory expectations on anti-scam measures for Major Payment Institutions (“MPIs”) issuing e-wallets, which provide personal payment accounts, i.e., accounts for individuals in Singapore containing e-money. Effective 15 December 2023, the stock cap for e-wallets has been raised to SGD 20,000 (from SGD […]