Articles and Events Summary

[Training Alert] AML / CFT Training for Asset/Fund Managers

Friday, 25 Sep 2020, 2.30-4.00pm

The Monetary Authority of Singapore (“MAS”) encourages all Asset / Fund Managers to attend at least one refresher training on topics of AML / CFT.

A training certificate of 2 hours for CPD will be given on passing the Assessment with the pass rate being 80%. The training to be conducted via Webinar – the dial-in details and the link to the Assessment will be sent nearer the date. It will cover the rules & regulations including latest developments and best practices using real life examples.

Who should attend :

All officers and employees of licensed, regulated fund management companies in Singapore such as:

  • Board of directors and senior management
  • Compliance officers and managers
  • Personnel involved in customer onboarding, investor relations and customer facing including client services management teams
  • All other employees

Internal Audit and Independent Assessment for Payment Services Licence Holders

New Payment Services Act (PSA) came into effect 28 January 2020. Along with the PSA, the Monetary Authority of Singapore (“MAS”) has introduced several notices and guidelines to be adhered to by Payment Services Licence Holders (“regulated entities”). The Notices PSN01 and PSN02  Prevention of Money Laundering  and Countering of Terrorism specifically carries important requirements for Payment Services Licence Holders (PSLH) to abide by.

You can know about requirements here.

You can also refer to PSA FAQ section for more details here.

Industry News

Two individuals banned by MAS for fraud and dishonest conduct

The Monetary Authority of Singapore (MAS) has issued prohibition orders (POs) against two individuals: a former insurance agent and a former bank employee, for fraud and dishonest conduct. Both cases are unrelated. The orders took effect from 18 August 2020.

To read the full details, please click here.

MOM to enforce salary changes to enhance job opportunities for Singaporeans and attracting global talent

Given the weakness in the job market and uncertain growth outlook, the Ministry of Manpower (MOM) will update the Employment Pass (EP) and S Pass criteria to suit prevailing conditions, the Ministry of Manpower has announced key changes to foreign work pass policies. 

Read more about these updates here.

Regulatory Updates

3 August 2020 – Enhancing Robustness of Enterprise-Wide Risk Assessment on Money Laundering and Terrorism Financing

MAS conducted thematic inspections on enterprise-wide risk assessment on money laundering and terrorism financing (EWRA) in 2020. This paper highlights inspection observations and MAS’ supervisory expectations of effective EWRA frameworks and processes that financial institutions should benchmark themselves against.

To view the information paper, please click here.

20 August 2020 – Notice 321 Direct Purchase Insurance Products

Requirements for life insurers to manufacture and offer of direct purchase insurance (DPI).

To view the notice, please click here.

20 August 2020 – ID 31/20 Amendments to MAS Notice 321

Informs direct life and composite insurers on amendments to MAS Notice 321 – Direct Purchase Insurance Products.

To view the circular, please click here.

25 August 2020 – Notice 603 Branches, Places of Business and Automated Teller Machines

Requirements for all banks in Singapore with respect to limitations on branches and places of business they can open, setting up ATMs and ATM networks, and providing debit services on an EFTPOS network.

To view the notice, please click here.

26 August 2020 – CFC 02/2020 Modification to the Single Entity Limit for Country-Specific Government Bond Funds

This circular modifies the single entity limit in the Code on Collective Investment Schemes (“Code”) in relation to country-specific government bond funds. In particular, the minimum credit rating requirement under Paragraph 2.6(a) of Appendix 1 of the Code is lowered to investment-grade, i.e., BBB by Fitch, Baa by Moody’s or BBB by Standard and Poor’s (including such sub-categories or gradations therein), provided certain conditions are met. More details can be found in the circular.

To view the circular, please click here.

31 August 2020 – Notice 610 Submission of Statistics and Returns

Requirements for banks on submitting returns to MAS, including reporting forms, completion notes and submission timeframe.

To view the notice, please click here.

31 August 2020 – Notice 1003 Submission of Statistics and Returns

Requirements for merchant banks submitting returns to MAS, including reporting forms, completion notes and submission timeframe.

To view the notice, please click here.


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