Articles & Events Summary
Compliance Outsourcing and Secondment
All regulated financial institutions in Singapore are required to ensure they have suitable compliance arrangements in place to assist in meeting regulatory requirements. Licensed entities in Singapore, upon receiving their licence, will be required to put in place appropriate compliance policies and procedures and maintain appropriate compliance framework to continue meeting regulatory obligations.
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Former representative of an Insurance Broker banned by MAS for dishonest conduct
Mr Lau Man Chun, a former representative of an insurance broker, has been issued four-year prohibition orders (POs) by the Monetary Authority of Singapore (MAS). The POs against Mr Lau, that took effect from 22 February 2021, were due to his dishonest conduct relating to the sale of personal accident (PA) policies.
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MAS Regulatory Updates – Highlights
04 February 2021 – Payment and Settlement Systems (Finality and Netting) (Designated System) (Fast and Secure Transfers) Order 2021
Order issued for the designation of Fast and Secure Transfers System under the Payment and Settlement Systems (Finality and Netting) Act.
To view the new order, please click here.
11 February 2021 – PSN01AA 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 new notice, please click here.
19 February 2021 – Consultation Paper on Proposed Revisions to Enterprise Risk Management, Investment and Public Disclosure Requirements for Insurers
This consultation paper sets out MAS’ proposals to enhance the current requirements relating to enterprise risk management, investment risk management and public disclosure practices for insurers.
To view the consultation paper, please click here.
19 February 2021 – ID 02/21 Amendments to MAS Notice 306 Market Conduct Standards for Life Insurers Providing Financial Advisory Services as defined under the Financial Advisers Act
Sets out requirements for trust and revocable nomination on relevant life policy or accident and health policy, including the forms to be used for such purpose.
Informs direct life and composite insurers on amendments to MAS Notice 306 – Market Conduct Standards for Life Insurers Providing Financial Advisory Services as defined under the Financial Advisers Act.
To view the circular, please click here.
To view the amended notice also issued on 19 February 2021, please click here.
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