The Monetary Authority of Singapore has issued a consultation paper proposing additional regulatory safeguards, particularly around retail customer access, business conduct measures and technology risk management for cryptocurrency players. The MAS seeks to extend its regulatory focus beyond money laundering and terrorism financing risks, to holistically strengthen the regulatory framework, limit consumer harm and better address fraud protection in light of recent incidents, while acknowledging the need not to hamper digital innovation. The MAS proposes that these new requirements, once issued in the form of guidelines, will apply not only to licensed digital payment token service providers licensed under the Payment Services Act 2019, but also to those currently operating under a transitional exemption from licensing while their license applications are being reviewed.

The Monetary Authority of Singapore requires all providers of cryptocurrency, known under the Payment Services Act as Digital Payment Tokens, to understand that DPT trading is unsuitable for the general public. MAS has issued PS-G02: Guidelines On Provision Of Digital Payment Token Services To The Public on 17 January 2022 to all DPT service providers to ensure that their marketing campaigns, advertisements and promotions for buying or selling of DPTs or facilitating the exchange of DPTs are consistent with the risk disclosures under the PSA, which requires that all actual and potential customers be provided with a risk warning statement highlighting the risks associated with trading in DPTs.

Following a series of consultations, the Monetary Authority of Singapore has implemented two new cross-border exemption frameworks, which came into effect on 9 October 2021.

The Monetary Authority of Singapore (MAS) has released for consultation the proposals in its paper, FI-FI Information Sharing Platform for AML/CFT, which will require Financial Institutions to share with each other information on customers or transactions, where they cross material risk thresholds, on a secured digital platform owned and operated by MAS to be named ‘Collaborative Sharing of ML/TF Information & Cases

Regulators around the world are seeking to strengthen governance frameworks to deter and prevent the perpetuation of employee misconduct and to stem the “rolling of bad apples.”

In this webinar recording, Eunice Tan and Grace Fung from our financial services regulatory team, and Zhao Yang Ng and Sonia Wong from our employment and compensation team discuss and analyze regulatory developments proposed by the Monetary Authority of Singapore and the Hong Kong Monetary Authority in meeting these objectives.

The Monetary Authority of Singapore (MAS) recently released a consultation (“Consultation”) on its “Proposed Amendments to MAS’ Investigative and Other Powers under the Various Acts.” The amendments, to be introduced through the Financial Institutions (“Miscellaneous Amendments”) Bill (“proposed provisions”), will expand the supervisory and enforcement powers of the MAS under the following acts: Banking Act (BA); Credit Bureau Act; Financial Advisers Act (FAA); Insurance Act (IA); Payment Services Act (PS Act); Securities and Futures Act (SFA); Trust Companies Act (TCA); and the upcoming new omnibus Act (“new Act”) for the financial sector (collectively, “relevant Acts”).

To provide greater clarity on the existing misconduct reporting requirements for representatives and broking staff, and enhance standards of investigations on misconduct, MAS will be revising the misconduct reporting regime. Further, to standardise industry practices on due diligence conducted on prospective representatives and broking staff, MAS will be mandating financial institutions to perform and respond to reference check requests, with a list of baseline mandatory information that must be obtained or provided in the reference check.

In brief The Monetary Authority of Singapore (MAS) has recently revised its Technology Risk Management Guidelines 2021 (“TRM Guidelines”)1 after feedback from a 2019 public consultation2 and engaging with cyber security experts. While there is some overlap between the TRM Guidelines and the previous 2013 edition of the TRM Guidelines (2013 edition),…

A series of briefings that take a “bite-size” look at international trends in different jurisdictions, drawing on Baker McKenzie’s expert financial services practitioners.

The Monetary Authority of Singapore (MAS) proposes a new Omnibus Act1 (New Act), which will contain a new regulatory framework for Singapore digital token service providers performing digital token services outside Singapore. The new regulatory framework entails two key aspects: (a) licensing requirements; and (b) anti money laundering (AML) and countering the financing of terrorism (CFT) regulations