Articles and Events Summary

EVENT: Singapore Regulatory Updates and Discussion – 21 Jan 2020

2019 saw significant developments in the area of regulatory compliance affecting most financial institutions. We expect 2019 trajectory to continue into the new year with a focus on sound risk management framework, individual accountability, technology risks and management and improvement in AML/KYC risk management.

Join the Argus team as we discuss major regulatory themes in 2019 and upcoming developments for 2020.

Register here.

 

EVENT: Payment Services Act – Updates and Discussion – 23 Jan 2020

The key provisions of the Payment Services Act 2019 (“PSA”) which provides for a new framework for the regulation of payment systems and payment service providers in Singapore, will come into effect on 28 January 2020. With PSA, the current Payment Systems (Oversight) Act and the Money-changing and Remittance Business Act will be repealed. PSA will also expand the scope of regulated payment services which would require certain types of firms to be regulated.

Our Seminar will explore key changes and steps to be taken by firms who are or need to be regulated under PSA.

Register here.

 

Fund Management Licensing In Singapore – Updates & Quick Reminders

Monetary Authority of Singapore (MAS) has updated its “Guidelines on Licensing, Registration, and Conduct of Business for Fund Management Companies” and “FAQs on the Licensing and Registration of Fund Management Companies” over recent years. Notable changes have been made and clarity has been provided by MAS on business activities to be conducted in by Fund Managers and license application standards to adhere to.

We have summarized key changes for regulated fund managers in Singapore.

To read the full article, please click here.

Industry News

 

Europe’s Finance Chiefs to Call for Anti-Money Laundering Agency

A recent string of high-profile scandals has shut down banks and slashed lenders’ share prices in several European countries, exposing the shortcomings of the current framework. Europe’s finance leaders are recommending that a regional Anti-Money Laundering agency be formed to fight and prevent such crimes.

To read further, please click here.

 

GST payable on overseas digital services from 1 Jan 2020

Starting from 1 January 2020, consumers in Singapore will have to pay Goods and Services Tax (GST) on digital services purchased from GST-registered overseas service providers. Currently, only locally procured services are subject to GST, while services procured from overseas are not.

For further details, please click here.

 

Calls for Beneficial Ownership Registry in U.S.

Lack of information about who owns and controls businesses incorporated in the U.S. is creating a “dangerous and widening gap” in the country’s national security apparatus in the US. Treasury officials have called for the creation of a beneficial ownership registry, which would give law-enforcement officials and banks access to information on who owns companies incorporated in the U.S.

To read further, please click here.

 

SFC bans W. Falcon Asset Management (Asia) Ltd’s former chairman and ex-CFO

Mr Ang Wing Fung, the former chairman of W. Falcon Asset Management (Asia) Ltd (Falcon), and its former chief financial officer and company secretary Mr Chan Kam Wah have been banned from re-entering the industry for life and three years, respectively by the Securities and Futures Commission (SFC). This ban is in connection with their roles in window-dressing the liquid capital of Falcon.

For more information, please click here.

 

Regulatory Updates

 

02 December 2019 – Compliance Toolkit for Approvals, Notifications and Other Regulatory Submissions to MAS

Compliance Toolkit aims to provide guidance on:

  • Applications to be submitted for approval from MAS; and
  • Notifications and regulatory submissions to the MAS.

This Compliance Toolkit should serve as a useful guide to licensed trust companies, exempt trust companies (e.g. banks, law firms) and approved CIS trustees on the various approval and reporting requirements and timelines.

To view the toolkit, please click here.

 

05 December 2019 – Consultation Paper on Proposed Payment Services Notices and Guidelines

This consultation sets out MAS’ proposed notices and guidelines applicable to entities regulated under the Payment Services Act 2019, to effect the objectives of the Act.

To view the consultation paper, please click here.

 

05 December 2019 – Guidelines for E-Payments User Protection

Guidelines on responsible financial institution that issues or operates a protected account, as well as duties of account holders and account users of protected accounts.

To view the guidelines, please click here.

 

05 December 2019 – Consultation Paper on Proposed Payment Services Regulations

This consultation sets out MAS’ proposed regulations and order applicable to entities regulated under the Payment Services Act 2019, to effect the objectives of the Act.

To view the consultation paper, please click here.

 

05 December 2019 – Notice PSN05 Technology Risk Management

Notice issued under the Payment Services Act 2019 that set out requirements on technology risk management.

To view the notice, please click here.

 

05 December 2019 – Notice PSN01 Prevention of Money Laundering and Countering the Financing of Terrorism – Specified Payment Services

Requirements for payment service providers (other than a digital payment token service provider) on anti-money laundering (AML) and countering the financing of terrorism (CFT)

To view the document, please click here.

 

05 December 2019 – Notice PSN02 Prevention of Money Laundering and Countering the Financing of Terrorism – Digital Payment Token Service

Requirements for digital payment token service providers on anti-money laundering (AML) and countering the financing of terrorism (CFT)

To view the document, please click here.

 

05 December 2019 – PSN03 Notice on reporting of suspicious activities and incidents of fraud

Notice issued under the Payment Services Act 2019 on regulated entities’ obligation to report suspicious activities and incidents of fraud.

To view the notice, please click here.

 

05 December 2019 – PSN01A Prevention of Money Laundering and Countering the Financing of Terrorism – Persons Providing Account Issuances Services who are Exempted under the Payment Services (Exemption for Specified Period) Regulations 2019

Anti-money laundering (AML) and countering the financing of terrorism (CFT) requirements to facilitate the transition of existing stored value facility holders

To view the document, please click here.

 

05 December 2019 – PSN10 Prevention of Money Laundering and Countering the Financing of Terrorism – Exempt Payment Service Providers

Notice to exempt payment service providers on the application of anti-money laundering (AML) and countering the financing of terrorism (CFT) requirements to the provision of payment services for specified products

To view the notice, please click here.

 

05 December 2019 – Notice PSN06 Cyber Hygiene

Notice issued under the Payment Services Act 2019 that set out cyber hygiene requirements.

To view the document, please click here.

 

05 December 2019 – Guidelines on Fit and Proper Criteria [FSG-G01]

Guidelines on fit and proper criteria for all relevant persons carrying out any activity regulated by MAS.

To view the guidelines, please click here.

 

05 December 2019 – PSN04A Notice on Submission of Statement of Transactions and Profit/Loss

This Notice applies to all existing money-changing and remittance licensees under the Money-changing and Remittance Businesses Act, until 31 December 2020. PSN04A reproduces the existing requirements under Notice 3003 – Submission of Statement of Transactions and Profit/Loss.

To view the document, please click here.

 

05 December 2019 – PSN04 Notice on Submission of Regulatory Returns

This Notice applies to all licensees, and sets out the periodic regulatory reporting of information related to the licensees’ payment services

To view the notice, please click here.

 

05 December 2019 – PSN08 Notice on Disclosures and Communications

This Notice sets out the requirements for licensed and exempted payment services providers to provide certain disclosures to customers and potential customers.

To view the document, please click here.

 

05 December 2019 – PSN09 Notice on Specified Matters and Forms

This Notice sets out regulatory forms and other administrative matters for payment service providers, operators of designated payment systems and settlement institutions of designated payment systems.

To view the notice, please click here.

 

05 December 2019 – PSN07 Notice on Conduct

This Notice sets out the conduct requirements for all entities regulated under the Payment Services Act.

To view the document, please click here.

 

05 December 2019 – Payment Services (Composition of Offences) Regulations 2019

These Regulations set out the offences that are compoundable under the Payment Services Act.

To view the document, please click here.

 

05 December 2019 – Payment Services Regulations 2019

These Regulations apply to all entities regulated under the Payment Services Act and set out licensing and other ongoing requirements. Exemptions from certain requirements of the Act can also be found in these Regulations.

To view the regulations, please click here.

 

05 December 2019 – Payment Services (Exemption for Specified Period) Regulations 2019

These Regulations set out exemptions that are applicable during certain transitional periods from the commencement of the Payment Services Act.

To view the document, please click here.

 

05 December 2019 – Payment Services (Saving and Transitional Provisions) Regulations 2019

These Regulations provide for the saving and transitional arrangements for entities regulated under the Payment Services Act.

To view the document, please click here.

 

05 December 2019 – Payment Services (Singapore Dollar Cheque Clearing System and Inter-bank Giro System) Regulations 2019

These Regulations set out the requirements for the Singapore Dollar Cheque Clearing System and Inter-bank Giro System.

To view the document, please click here.

 

06 December 2019 – Guidance to Enhance Operational Controls in Payments and Electronic Funds Transfer Operations

Sets out MAS’ supervisory expectations on management oversight, system controls and detection capabilities.

To view the document, please click here.

 

12 December 2019 – Notice 643 Transactions with Related Parties

Requirements for banks when engaging in transactions with their related parties.

To view the notice, please click here.

 

12 December 2019 – Notice 639A Exposures and Credit Facilities to Related Concerns

Requirements on banks for preparing statements of exposures and credit facilities to related concerns.

To view the document, please click here.

 

13 December 2019 – Notice 652 Net Stable Funding Ratio

Requirements for domestic systemically important banks (D-SIBs) and internationally active banks on their net stable funding ratio (NSFR).

To view the notice, please click here.

 

13 December 2019 – Notice 656 Exposures to Single Counterparty Groups for Banks Incorporated in Singapore

Rules to measure and limit a locally-incorporated bank’s exposures to a single counterparty group.

To view the document, please click here.

 

18 December 2019 – Form 1 – Application for a Payment Service Provider Licence

Specimen form for entities to apply for a payment service provider licence or to apply to change their entity type between a sole-proprietorship, partnership, or company/corporation under the Payment Services Act (“PS Act”).

To view the specimen form, please click here.

 

18 December 2019 – Guidelines on Licensing for Payment Service Providers [PS-G01]

Guidelines on Licensing for Payment Service Providers under the Payment Services Act.

To view the guidelines, please click here.

 

18 December 2019 – Form 2 – Application for the Variation or Change of a Payment Service Provider Licence

Specimen form for entities to apply for the variation or change of a payment service provider licence under the Payment Services Act (“PS Act”).

To view the specimen form, please click here.

 

18 December 2019 – Form 3 – Application for the Approval of Chief Executive Officer, Director or Partner of a Payment Service Provider

Specimen form for entities to apply for the approval of a Chief Executive Officer, Director or Partner of a payment service provider under the Payment Services Act (“PS Act”).

To view the specimen form, please click here.

 

18 December 2019 – Notification Form for the Purpose of Exemption from Holding a Licence under the Payment Services Act for the Specified Period

Specimen form for entities to notify MAS of the date on which they commenced the business of providing the specific payment services under the Payment Services (Exemption for Specified Period) Regulations 2019.

To view the form, please click here.

 

23 December 2019 – A Guide to Digital Token Offerings

General guidance on the application of securities laws administered by MAS in relation to offers or issues of digital tokens in Singapore.

To view the guide, please click here.

 

23 December 2019 – Consultation on the Payment Services Act 2019: Proposed Amendments to the Act

A consultation paper on proposed amendments to the Payment Services Act 2019 in relation to AML/CFT, and other amendments in respect of digital payment token service and certain technical amendments.

To view the consultation paper, please click here.

 

GET IN TOUCH

Argus specializes in regulatory compliance and provides objective insights, subject expertise and a simple approach to all your compliance-related needs. Our diversified client base spans start-ups to mature businesses. We partner with our clients to serve all their compliance needs from the initial phase to ongoing support, training, audit, risk management and governance.

 

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