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 […]

On Thursday, 23 November 2023, the Monetary Authority of Singapore (MAS) published a response to the Public Consultation on Proposed Regulatory Measures for Digital Payment Token Service issued on 26 October 2022 in two parts; the first part focusing on the segregation and custody of customer’s assets and the lending and staking of retail customers […]

The Monetary Authority of Singapore (MAS) published a consultation paper on the repeal of the regulatory regime for registered fund management companies (“RFMCs”) on 24 October 2023. Importantly, this consultation paper does not consult if the regulatory regime for RFMCs should be repealed but only consults on the terms of this repeal. Hence, we may […]

On 31 August 2023, the Monetary Authority of Singapore (“MAS”) published a circular on ensuring the effective detection of sanctions-related risks. This circular sets out additional guidance for financial institutions (“FIs”) to better detect and manage sanctions-related risks. FIs operating in Singapore are reminded of the critical importance of effectively detecting and managing sanctions-related risks […]

On 30 August 2023, the Monetary Authority of Singapore (MAS) published an information paper on “Strengthening AML/CFT Controls and Practices to Detect and Mitigate Risks of Misuse of Legal Persons/Arrangements and Complex Structures”. In this information paper, the MAS highlights the ongoing risk of illicit misuse of legal persons and complex structures within the financial […]