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 […]

The 2024 Terrorism Financing (TF) National Risk Assessment (NRA) offers an updated evaluation of Singapore’s TF landscape since the TF NR published in 2020. It reflects learnings and insights, particularly considering the digital economy’s accelerated growth in Asia due to the COVID-19 pandemic. This enables law enforcement, financial intelligence, regulatory, policy-making, and private sector entities […]

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 […]