Articles and Events Summary

Business as Usual for Argus Global

In the wake of recent developments pertaining to the COVID-19 outbreak in Singapore, Argus Global has adopted a ‘Work from Home’ Policy with immediate effect. We are fully operational and work continues as per usual.

We are available on our usual telephone number +65 6817-6861   for all calls on weekdays from 9am to 6pm.  We are also available on emails and will continue to ensure all emails are addressed and follow up actions are taken.

We request you to kindly mark emails to:

consulting@argusglobal.co for any MAS compliance related queries ;

corpsec@argusglobal.com for any queries pertaining to Corporate Secretarial Matter, Accounting , Tax , Payroll and any other corporate related matters.

These are challenging times but we feel confident that we will continue providing you with seamless service.

Set Up of External Asset Managers in Singapore

External Asset Managers (EAM) also known as Independent Asset Managers (IAMs) are growing in size in Asia; especially in Singapore. EAM first appeared in Europe where many private bankers left the banks to set up independent offices to serve their clients. As Asian markets have matured and wealth has increased, there is a booming client base of affluent young people who are open to different forms of wealth management.

You can read about setting up EAM in Singapore here.

You can also see a handy Infographic here.

Licensing Guide – Payment Services Act (“PSA”)

Payment Services Act (“PSA”) came into effect in Singapore on 28 January 2020 and it streamlines payment services regulatory framework under a single piece of legislation. MAS has introduced 2 parallel regulatory frameworks. The first framework is a designation regime which enables MAS to designate significant payment systems and regulate operators, settlement institutions and participants of these designated payment systems for financial stability reasons and efficiency reasons. The second framework is the licensing framework for payment service providers.

Know more about activities that are regulated under the licensing regime of Payment Services Act (PSA) here.

Industry News

Joint AML Investigations for Dutch Banks

Dutch Financial Regulators have supported plans by Netherlands to tackle complex international money-laundering schemes together. This follows a seven-month investigation to assess the Dutch financial sector’s exposure to the scandal that engulfed Danske Bank Estonia.

To read the full article, please click here.

Composition Penalty of $400,000 on TMF Trustees Singapore for AML/CFT Failures

The Monetary Authority of Singapore (MAS) has imposed a composition penalty of $400,000 on TMF Trustees Singapore Limited (TTSL) for failure to comply with MAS’ Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) requirements.

To read the full article, please click here.

Six individuals banned for fraud and dishonest conduct by MAS

Four former insurance agents and two former bank employees have been banned by the Monetary Authority of Singapore (MAS) for fraud and dishonest conduct. MAS issued Prohibitive Orders (POs) against the following individuals following their convictions in the State Courts of Singapore for offences involving fraud and dishonesty.

Read the full article here.

Register of Controllers lodgment with ACRA

As part of ongoing efforts to uphold Singapore’s reputation as a trusted financial hub, and in line with international practices, ACRA will be implementing a new requirement for all companies, foreign companies and Limited Liability Partnerships (LLP), unless exempted, to lodge information on their Registers of Registrable Controllers (RORC) with ACRA via BizFile from May 2020. This is in addition to the existing requirements for companies and LLPs to maintain a RORC at the registered office address.

Read the full article here.

Regulatory Updates

I

5 March 2020 – Notice 319 Valuation of Policy Liabilities of Life Business [Cancelled with effect from 31 Mar 2020]

This notice sets out the requirements and guidelines on the valuation of policy liabilities relating to the life business, applicable to all insurers licensed to carry on life business, except captive insurers. It is cancelled with effect from 31 March 2020.

To view the notice, please click here.

5 March 2020 – Notice DIPOP-N02 on Policy Owners’ Protection Scheme Returns

This notice applies to all direct insurers carrying on life or general insurance business and are PPF Scheme Members. It sets out the reporting format on:

  • Amount of protected liabilities, coupon deposits, advance premium payment and unclaimed monies for life business.
  • Amount of gross premiums written and protected liabilities by specified lines for general business.

To view the notice, please click here.

5 March 2020 – Notice 101 Maintenance of Insurance Funds

This notice applies to all licensed insurers. It sets out requirements on the management of insurance funds, Policy Owners’ Protection Fund (PPF) levy, and switching of assets between insurance funds.

To view the notice, please click here.

5 March 2020 – Notice 114 Reinsurance Management

This notice applies to all licensed insurers. It sets out the mandatory requirements for direct insurers to submit annual returns pertaining to their outward reinsurance arrangements and exposures to their top ten reinsurance counterparts, as well as the guiding principles that relate to the oversight of the reinsurance management process of insurers and the determination of significant insurance risk transfer.

To view the notice, please click here.

5 March 2020 – Notice 126 Enterprise Risk Management (“ERM”) for Insurers

This notice applies to all licensed insurers, except captive insurers and marine mutual insurers. It sets out the ERM requirements and guidelines for insurers to identify and manage interdependencies between key risks, and how these are translated into management actions related to strategic and capital planning matters.

To view the notice, please click here.

5 March 2020 – Notice 302 Product Development and Pricing

This notice applies to all direct insurers licensed to carry on life business. It sets out:

  • Requirements on management oversight, controls and policies and procedures on pricing and product development.
  • Prohibited payout features.
  • Requirements on procedure for approval of new products.
  • Guidelines for notifying MAS of new products launched.

To view the notice, please click here.

6 March 2020 – Guidelines on Use of Internal Models for Liability and Capital Requirements for Life Insurance Products  Containing Investment Guarantees with Non-Linear Payouts [ID 01/13]

These guidelines apply to all direct life insurers seeking exemption to use internal models to determine the regulatory liability and capital requirements for life insurance products with investment guarantees which have non-linear payouts (e.g. variable annuity policies).

To view the guidelines, please click here.

6 March 2020 – Notice 122 Asset & Liability Exposures for Insurers

This notice applies to all licensed insurers, except captive insurers, foreign insurers carrying on insurance business under foreign insurer scheme established under section 35B of the Insurance Act and marine mutual insurers. It requires insurers to submit information on their asset and liability to MAS.

To view the notice, please click here.

6 March 2020 – Notice 131 on Insurance Returns (Accounts and Statements) for Special Purpose Reinsurance Vehicles

This notice sets out the forms, submission requirements and deadlines for the returns to be lodged with MAS by special purpose reinsurance vehicles.

To view the notice, please click here.

6 March 2020 – Notice 212 on Insurance Returns (Accounts and Statements) for Marine Mutual Insurers

This notice sets out the forms, submission requirements and deadlines for the returns to be lodged with MAS by marine mutual insurers.

To view the notice, please click here.

6 March 2020 – Notice 213 on Insurance Returns (Accounts and Statements) for Financial Guarantee Insurers

This notice sets out the forms, submission requirements and deadlines for the returns to be lodged with MAS by financial guarantee insurers.

To view the notice, please click here.

6 March 2020 – Notice 129 on Insurance Returns (Accounts and Statements)

This notice sets out the forms, submission requirements and deadlines for the returns to be lodged with MAS by licensed insurers, except for captive insurers, marine mutual insurers and special purpose reinsurance vehicles.

To view the notice, please click here.

6 March 2020 – Notice 130 on Insurance Returns (Accounts and Statements) for Captive Insurers

This notice sets out the requirements on the forms, submission requirements and deadlines for the returns to be lodged with MAS by captive insurers.

To view the notice, please click here.

9 March 2020 – ID11/20 Consequential Amendments Arising from Amendments to Insurance (Valuation and Capital) Regulations 2004

This circular informs all licensed insurers on consequential amendments arising from amendments to Insurance (Valuation and Capital) Regulations 2004.

To view the circular, please click here.

9 March 2020 – ID12/20 Classification of Tax Liabilities Arising from Non-Guaranteed Benefits of Participating Policies

This circular sets out the classification of tax liabilities arising from non-guaranteed benefits of participating policies.

To view the circular, please click here.

13 March 2020 – CIS Practitioner’s Guide

This guide provides information for issuers and their professional advisers on offers of collective investment schemes in Singapore.

To view the guide, please click here.

13 March 2020 – Lodgement Practice Note for Collective Investment Schemes

This practice note provides information for issuers and their professional advisers on administrative procedures for the lodgement of prospectuses and other documents for an offer of collective investment schemes.

To view the document, please click here.

13 March 2020 – Code on Collective Investment Schemes

This document sets out the best practices that managers, approved trustees, VCC directors and VCC custodians of collective investment schemes offered to retail public are expected to observe on management, operation and marketing of the schemes.

To view the document, please click here.

16 March 2020 – Notice SFA 04/13-N01 Cancellation Period for Units in Authorised Collective Investment Schemes

This notice sets out the obligations of authorised CIS managers and other relevant persons in relation to a cancellation of the purchase of units in an authorised CIS by an investor.

To view the notice, please click here.

16 March 2020 – Guidelines to Notice PSN01 on Prevention of Money Laundering and Countering the Financing of Terrorism – Specified Payment Services

These guidelines provide guidance to payment service providers on the requirements in Notice PSN01 on Prevention of Money Laundering and Countering the Financing of Terrorism – Specified Payment Services. They should be read in conjunction with the Notice.

To view the guidelines, please click here.

16 March 2020 – Guidelines to Notice PSN02 on Prevention of Money Laundering and Countering the Financing of Terrorism – Digital Payment Token Service

These guidelines provide guidance to all digital payment token service providers on the requirements in Notice PSN02 on Prevention of Money Laundering and Countering the Financing of Terrorism – Digital Payment Token Service. They should be read in conjunction with the Notice.

To view the guidelines, please click here.

31 March 2020 – Insurance (Lloyd’s Asia Scheme) Regulations

These regulations list down the requirements for carrying on insurance business under the Lloyd’s Asia Scheme, a foreign insurer scheme established under the Insurance Act (Cap. 142).

To view the regulations, 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.

Pin It on Pinterest

Contact us
close slider
Contact us
Fill up the form below to get in touch with us!
=