Singapore has revamped its National Strategy for Countering the Financing of Terrorism (CFT), aiming to create a robust shield against the evolving threats of terrorism financing. The strategy emphasises a proactive, multi-pronged approach that combines stringent regulations, vigilant supervision, and decisive enforcement. The Singaporean government’s five-pronged approach to countering the financing of terrorism (CFT) includes […]

What is inherent risk? Why do I need to know my organisation’s inherent risk level? How do I calculate my organisation’s inherent risk exposure? This article provides you with answers to the above questions. What Inherent risk provides a baseline understanding of the level of risk present before any controls are implemented. It helps organisations […]

Situation The Financial Action Task Force (“FATF”) revised its glossary in October 2021 to set out examples of environmental crimes. Countries should pay attention to environmental crimes, including criminal harvesting, extraction, or trafficking in protected species of wild flora and fauna (e.g., illegal wildlife trade and destruction of protected trees), precious stones and precious metals […]

What is a risk appetite?  Risk appetite refers to the level of risk an individual, organization, or entity is willing to accept or tolerate in pursuit of its objectives. It represents the amount and type of risk exposure that is deemed acceptable to achieve desired outcomes. Risk appetite is a fundamental concept in risk management, […]

The International Internal Audit Standards Board released the new Global Internal Audit Standards on 9 January 2024, and the internal audit functions are required to adopt them by 9 January 2025. What does this mean for the internal auditor? What are the changes, and how will the new audit standards impact the internal audit process […]

In late 2023, the Monetary Authority of Singapore (“MAS”) published a response to feedback on proposed digital payment token services regulatory measures. On 2 April 2024, the MAS published a multitude of documents, including updates to the Payment Services Act 2019, the Payment Services Regulations, and various notices that all entities holding a payments services […]

Small/ Medium Financial institutions (“SMFI”) do not have the same regulatory pressures and enforcements that can lead larger organizations to measure and mitigate their risks. However, they also have fewer buffer resources to resist unexpected shocks. SMFIs are one significant incident from being subject to a financial impact that threatens their survival. This is why […]

On 12 December 2023, the Monetary Authority of Singapore (“MAS”) published its Response to Feedback Received on Proposals to Mandate Reference Checks. This response clarifies the upcoming requirement to conduct and assist in reference checks for staff of financial institutions. Regulated financial institutions, including holders of a capital markets services (“CMS”) licence, specified entities exempt […]

On 29 November 2023, the Monetary Authority of Singapore (MAS) published an updated version of the Guidelines on Licensing, Registration and Conduct of Business for Fund Management Companies (SFA 04-G05). In its updates, the MAS reinforced clarification on the licencing requirements of fund management companies (“FMCs”). An FMC must conduct substantive fund management activity for […]