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 Importantly, this consultation paper does not consult if the regulatory regime for RFMCs should be repealed but only consults on the terms of this repeal.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 […]

On Monday, 3 July 2023, the Monetary Authority of Singapore (MAS) announced plans to further protect consumer interests in the digital payment tokens (“DPTs”) sector. Part 1 of the MAS’ response to the Public Consultation on Proposed Regulatory Measures for DPT Services published in October 2022, covered in this paper, focuses on the requirements for […]

Laws such as the Securities and Futures Act as well as the Financial Advisers Act have been crafted, modified, and updated to help regulate the financial sector in Singapore. These laws are combined to form a single modular licensing model and an integrated regulatory framework that provides industry participants with a sound and transparent set […]

The first step for payment service providers is to understand the regulatory classification of the payment service(s) they are providing, including to consider whether they may require a license beyond payment services such as a license for dealing in securities. There are 6 different kinds of payment service activities [1] under the Payment Services Act […]

On 30 December 2020, the Singapore terrorism financing (TF) national risk assessment (NRA) was published. This report is a joint effort by the Risks and Typologies Inter-Agency Group (RTIG), led by the Ministry of Home Affairs (MHA) and the Monetary Authority of Singapore (MAS) further enhanced by the involvement of the private sector and academia […]