Introduction: A Booming Industry at Risk The global remittance landscape has seen unprecedented expansion, catalysed by financial innovation, mobile-first economies, and growing migration patterns. According to Statista, remittance transactions are forecast to reach USD 1.42 trillion by 2030, serving more than 331 million users worldwide. Yet, this growth brings significant risks. As remittance networks become […]

The Monetary Authority of Singapore (“MAS”) reminded fund managers of their obligations in managing variable capital companies (“VCCs”) in a special circular on the Governance and Management of Variable Capital Companies (VCCs) (Circular no: IID 04/2025), published on 26 June 2025. Fund managers ensure compliance with the following key requirements for VCCs:  A VCC must […]

In an era where online transactions dominate both personal and business activities, digital convenience has become a double-edged sword. While e-commerce platforms and digital banking services have simplified our lives, they’ve also opened the door to increasingly sophisticated cyber fraud. Criminals exploit every weakness from untrained users to unsecured websites to carry out identity theft, […]

On 30 June 2025, the Monetary Authority of Singapore (“MAS”) published its Response to Feedback Received on Proposed Amendments to AML/CFT Notices and Guidelines (the “Response”), and the updated notices and guidelines, essentially for all types of financial institutions (“FIs”) and variable capital companies (“VCCs”). The amended notices and guidelines took effect on 1 July […]

On 30 May 2025, the Monetary Authority of Singapore (“MAS”) announced and clarified the implementation of the licensing requirement for digital token service providers (“DTSPs”) under the Financial Services and Markets Act 2022. In its Response to Feedback Received Consultation Paper on Proposed Regulatory Approach, Regulations, Notices and Guidelines for Digital Token Service Providers issued […]

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 […]