Articles and Events Summary

Internal Update

Compliance updates

Nithi Genesan has joined us at Argus Global and will be heading up our compliance consulting vertical .

Nithi holds a Master’s degree in Applied Finance from the Manchester Business School, and a graduate from the National University of Singapore and also a holder of the International Compliance Association Diploma.  Nithi has over 15 years of regulatory and compliance experience in the financial sector. She possesses excellent people skills and is well-versed in the laws and regulations of the financial markets. She is also extremely knowledgeable in sectors such as securities, asset management, insurance, financial advisory and payment services.

Nithi has honed her skills as the Head of Singapore for one of the compliance consulting firms, where she developed a demonstrable history of consulting with financial institutions and intermediaries. Nithi has managed numerous compliance projects for large institutions, conducted internal audits, MAS independent inspections, and compliance gap analysis.

She is an experienced Compliance trainer, conducting training for institutions ranging from asset management entities to large banks. This includes working with the Institute of Banking and Finance (IBF) to obtain accreditation for compliance training courses in Singapore and working with Chartered Alternative Investment Analyst (CAIA) Association to establish compliance training.

She is a frequent speaker and panel member for various industry conferences and seminars, and a guest lecturer at the Singapore Management University (SMU).

You can check out more about our team here.

AML/CFT Requirements for Payment Service Firms

New Payment Services Act (“Act”) came into effect 28 January 2020. Along with the Act, the Monetary Authority of Singapore (“MAS”) has introduced several notices and guidelines to be adhered to by Payment Services Licence Holders (“regulated entities”)  With the new licensing regime, firms who were not required to be regulated previously are now required to be regulated.

Read more about the regulations here.

Industry News

Disciplinary action against CAML for lack of due diligence

The Securities and Futures Commission (SFC) has publicly reprimanded Convoy Asset Management Limited (CAML) 1 and fined it $6.4 million pursuant to section 194 of the Securities and Futures Ordinance (SFO). CAML is licensed to carry on Type 1 (dealing in securities), Type 4 (advising on securities) and Type 9 (asset management) regulated activities under the SFO.

To read the full details, please click here.

Regulatory Updates

4 May 2020 – FAQs on Offers of Units in Collective Investment Schemes (including REITs)

This set of FAQs is meant to provide clarification and additional guidance on the regulatory requirements that managers of funds and Real Estate Investment Trusts (“REITs”) are expected to comply with under the SFA amid the COVID-19 pandemic. This includes requirements for notifications to and approvals from MAS, application of swing pricing, and handling of redemption requests.

To view the FAQs, please click here.

5 May 2020 – Notice 118 Unsecured Credit Facilities to Individuals

This notice applies to all direct insurers in Singapore. It sets out the requirements to comply with when granting an unsecured non-card credit facility to an individual. This update contains clarifications on the renovation loan repayment period, the period of extension applicable, and the expiry date definition under the notice.

To view the notice, please click here.

6 May 2020 – Guidelines on The Securities and Futures (Offers of Investments) (Temporary Exemption From Sections 277(1)(c) and 305B(1)(b)) Regulations 2020

Guidance on the publication of an electronic version of an offer information statement and inclusion of cautionary statements in relation to offers of securities, securities-based derivatives contracts or units in collective investment schemes made in reliance on sections 277 or 305B of the Securities and Futures Act, read with the Securities and Futures (Offers of Investments) (Temporary Exemption from Sections 277(1)(c) and 305B(1)(b)) Regulations 2020.

To view the guidelines, please click here.

8 May 2020 – FATF Paper on COVID-19-related Money Laundering and Terrorist Financing – Risks and Policy Responses

The paper focuses on new threats and vulnerabilities stemming from COVID-19-related crime and impacts on ML and TF risks, the COVID-19 impact on AML/CFT efforts by governments and private sector, and suggested risk mitigation measures in response to the COVID-19 crisis.

To view the paper, please click here.

15 May 2020 – Consultation Paper on Proposed Regulatory Approach for Derivatives Contracts on Payment Tokens

Response to feedback received on the consultation paper published in November 2019 which set out MAS’ proposed regulatory approach under the Securities and Futures Act for derivatives contracts that reference payment tokens (e.g. Bitcoin) as underlying assets. The responses include those on the regulatory approach for Payment Token Derivatives under the SFA, additional measures for retail investors, as well as amendments to subsidiary legislation.

To view the document, please click here.

15 May 2020 – Securities and Futures (Prescribed Underlying Thing) Regulations 2020

Updated regulations to prescribe “underlying thing” in relation to derivatives contracts. This updated version of the regulations now includes the definition of payment tokens.

To view the document, please click here.

18 May 2020 – Notice SFA 02-N02 Supervision of Market Participants

Updated notice setting out the requirements for Recognised Market Operators in terms of participant compliance with business rules and Part XII of Securities Futures Act, participant access to markets, and notifications in relation to disciplinary actions taken against a participant. This update reflects the addition of Commodity Exchange, Inc. as a Recognized Market Operator.

To view the notice, please click here.

26 May 2020 – A Guide to Digital Token Offerings

Guide on the application of securities laws administered by MAS in relation to offers or issues of digital tokens in Singapore. The paper includes case studies illustrating the different applicability of the relevant laws, critical questions to consider, as well as a checklist for making an enquiry to MAS.

To view the guide, please click here.


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!

Online Training
Anti-Money Laundering and Countering the Financing of Terrorism
Friday, 29 October 2021
02:30 – 04:00 SGT

days to go

Save your Seat