Articles and Events Summary

EVENT: Singapore Regulatory Updates and Discussion – 21 Jan 2020

Argus Global hosted a discussion on Singapore Regulatory updates on 21 Jan 2020. The event covered significant developments in the area of regulatory compliance affecting most financial institutions. The event saw a great turnout and a fruitful discussion ensued.

Martin O’Regan was our guest speaker of the day and shared his insights on VCC regime.

You can view the presentation slides here.

Follow our LinkedIn Page to see pictures from the event.

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

As the new Payment Services Act came into effect in January 2020, Argus Global hosted a timely event to discuss the scope of regulated payment services and steps to be taken by firms who are or need to be regulated under PSA.

The event was held on 23 January 2020 and saw a great turnout. It was a pleasure to have Ronald JJ Wong as our guest speaker for the event and hear his insights into the Payment Services Act.

You can view the Presentation Slides here.

Follow our LinkedIn Page to see pictures from the event.

Industry News

China Tightens AML/CTF Scrutiny at Banks, Insurers

CBIRC issued a new circular on improving the effectiveness of AML/CTF programmes in the banking and insurance sectors applicable to all banks (including foreign banks), financial asset management companies, insurance companies and insurance asset management companies.

To read the full article, please click here.

MAS Receives 21 Applications for Digital Bank Licences

MAS announced that it has received 21 applications for digital bank licences as at the close of application on 31 December 2019. This comprises 7 applications for the digital full bank (DFB) licences, and 14 applications for the digital wholesale bank (DWB) licences.

To know more about Digital Bank Licences, please click here.

EU anti-money laundering overhaul for Cross-border transactions

The reformed EU anti-money laundering law has taken effect from 10 January 2020. The reform introduces new requirements for banks handling transactions linked to high-risk nations. The law now requires trade finance lenders collect additional details on customers and on beneficial owner especially information such as nature of the business relationship, source of funds of customers and beneficial owners, and the reasons for the transactions.

To know more details, please click here.

Variable Capital Companies (VCC) Framework Launched by MAS and ACRA

The VCC framework launched in January 2020, is a new corporate structure that can be used for a wide range of investment funds and provides fund managers greater operational flexibility and cost savings. The aim is to encourage more funds to be domiciled in Singapore and enhance Singapore’s value as an international fund management centre.

To read further, please click here.

Regulatory Updates

06 January 2020 – Form 2 – Notice of Change of Particulars under Section 9 and Regulation 5

Revised form for licensed trust companies to notify MAS of any changes in particulars of the licensed trust company, its Resident Manager, Director or Controller within 14 days of the date of change.
To view the form, please click here.

15 January 2020 – Consultation Paper on the Proposed Framework for Variable Capital Companies Part 2

This consultation sets out MAS’ proposed subsidiary legislation for a new corporate structure that is tailored for collective investment schemes, known as the Variable Capital Company (VCC).
To view the consultation paper, please click here.

28 January 2020 – Guidelines on Criteria for the Grant of a Financial Adviser’s Licence [FAA-G01]

Updated guidelines on the licensing admission criteria for persons applying for a financial adviser’s licence under the Financial Advisers Act. Among the updates is a requirement from MAS to procure a Letter of Responsibility from an applicant’s parent company or a related entity within the group where appropriate.

To view the guidelines, please click here.

28 January 2020 – Criteria for the Registration of an Insurance Broker [IA/II-G04]

Updated guidelines on the criteria and procedures for registration as an insurance broker. Among the updates is a requirement from MAS to procure a Letter of Responsibility from an applicant’s parent company or a related entity within the group where appropriate.

To view the guidelines, please click here.

28 January 2020 – Form 1 – Application for a Financial Adviser’s Licence

Revised form for entities to apply for a Financial Adviser’s Licence.

To view the form, please click here.

28 January 2020 – 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 notice, please click here.

28 January 2020 – Form 9 – Application for Approval to Conduct Money-Changing Service or Cross-Border Money Transfer Service at any Place of Business other than the Permanent Place of Business

Form for payment service providers to apply for approval to conduct money-changing and/or cross-border money transfer services at an additional place of business. Submissions must be made via the online form.

To view the form, please click here.

28 January 2020 – Form 8 – Notice of Cessation of Business of a Payment Service Provider

Form for payment service providers to notify the Monetary Authority of Singapore of a permanent or temporary cessation of business. Submissions must be made via the online form.

To view the form, please click here.

28 January 2020 – Form 1 – Application for a Payment Service Provider Licence

Form for applicants 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. Submissions must be made via the online form.

To view the form, please click here.

28 January 2020 – Application for Registration as an Insurance Broker

Revised application form for Registration as an Insurance Broker.

To view the form, please click here.

28 January 2020 – Form 10 – Information to be Submitted by a Payment Services Act Licensee under Section 16(1)

Form for applicants to submit information relating to the licensee’s business of providing any payment service as specified in the notice.

To view the form, please click here.

28 January 2020 – Form 3A – Application for Approval of 20% Controller of a Payment Service Provider

Form for entities to apply for the approval of 20% controllers of a payment service provider under the Payment Services Act. Submissions must be made via the online form.

To view the form, please click here.

28 January 2020 – Form 7 – Notice of Changes for a Payment Service Provider

Form for payment service providers to notify the Monetary Authority of Singapore of material changes to its structure and operations. Submissions must be made via the online form.

To view the form, please click here.

28 January 2020 – Notification Form for the Purpose of Exemption from Holding a Licence under the Payment Services Act 2019 for the Specified Period

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. Submissions must be made via the online form.

To view the form, please click here.

28 January 2020 – Form 3 – Application for the Approval of Chief Executive Officer, Director or Partner of a Payment Service Provider

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. Submissions must be made via the online form.

To view the form, please click here.

28 January 2020 – Form 2 – Application for the Variation or Change of a Payment Service Provider Licence

Form for entities to apply for the variation or change of a Payment Service Provider Licence under the Payment Services Act. Submissions must be made via the online form.

To view the form, please click here.

28 January 2020 – Guidelines on Fit and Proper Criteria [FSG-G01]

Updated guidelines on Fit and Proper criteria for all relevant persons carrying out any activity regulated by MAS to take into account changes due under the new Payment Services Act.

To view the guidelines, please click here.

29 January 2020 – Exemptions issued under s337(2) SFA – Q42019

Exemptions issued under s337(2) SFA – 4Q2019

To view the exemptions, 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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