Articles and Events Summary

Online Training

AML / CFT Training for Financial Institutions in Singapore

Argus Global conducted an online training for Financial Institutions in Singapore on AML/CFT. The Monetary Authority of Singapore (“MAS”) encourages all Financial Institutions to attend at least one refresher training on topics of AML / CFT and keep abreast with latest regulatory developments.

The 2-hour training was conducted on 27 November and was attended by over 45 professionals. The course covered topics like Money Laundering Process and Techniques, Singapore Laws and International Standards, Stages of Money Laundering and much more.

Financial Advisors – Balanced Scorecard Requirements

Monetary Authority of Singapore (“MAS”) issued Notice FAA-N02 Requirements for the Remuneration Framework for Representatives and Supervisors and Independent Sales Audit Unit. MAS also released a Guidelines on the Remuneration Framework for Representatives and Supervisors, Reference Checks and Pre-Transaction Checks. The balance scorecard was introduced by MAS under the Financial Advisory Industry Review (“FAIR”) which seeks to align the interests of financial advisory representatives and supervisors with those of their customers so as to promote a culture of fair dealing.

You can know more about the framework here.

MAS Requirements on Cyber Hygiene

Monetary Authority of Singapore (“MAS”) released a Notice on Cyber Hygiene on 6 August 2019 to raise cyber security standards and strengthen cyber resilience of financial institutions in Singapore. The legally binding Notice on Cyber Hygiene came into effect on 6 August 2020. As per the Cyber Hygiene notice, it is applicable to all financial institutions in Singapore.

You can read about the requirements here.

Response to Feedback Received on Monetary Authority of Singapore Consultation Paper on the Payment Services Act 2019: Proposed Amendments to the Act

Monetary Authority of Singapore (“MAS”) released a consultation paper on 23 December 2019 on proposed changes to the Payment Services Act 2019 (“Payment Services Act”). The consultation paper closed on 28 January 2020 and MAS has released comments on responses received from the industry.

Learn about the clarifications provided by the MAS here

MAS Clarifies Frequently Asked Questions on Risk Based Capital Adequacy Requirements

Monetary Authority of Singapore (“MAS”) released a series of Frequently Asked Questions (“FAQ”) clarifying key queries raised on risk based capital requirement and submissions Under the Securities and Futures (Financial and Margin Requirements) Regulations (“SF(FMR)R”) and the Notice on Risk Based Capital Adequacy Requirements For Holders of Capital Markets Services Licence (“SFA 04-N13”).

Read the FAQs here.

Peer to Peer Lending/ Crowdfunding Requirements in Singapore

Peer to peer lending also commonly known as “P2P lending” and equity-based crowdfunding activities would require a licence under Monetary Authority of Singapore (“MAS”). Crowdfunding generally refers to capital-raising approach that seeks to raise funds from a large number of individuals. Typically, funds are raised through an online platform.

Read about the requirements for P2P Lending here.

Industry News

MAS to enhance enforcement actions against market abuse and financial misconduct

Monetary Authority of Singapore (MAS) has detailed several actions against financial institutions (FIs) and individuals for market abuse, financial misconduct, and control breaches related to money laundering. The MAS Enforcement Report provides updates on enforcement matters in the financial markets, highlights key outcomes and outlines priorities for the future. It is published once every 18 months.

To read the full article, please click here.

Regulatory Updates

03 November 2020 – FAQs on Lodgement of Financial Returns under the Securities and Futures (Financial and Margin Requirements) Regulations

Provides guidance on the requirements and procedures relating to the lodgement of financial returns by capital markets services licensees.

To view the regulations, please click here.

03 November 2020 – Compliance Toolkit for Approvals, Notifications and Other Regulatory Submissions to MAS (for FIs conducting regulated activities under the SFA other than for fund managers and REIT managers)

This Compliance Toolkit aims to provide guidance on: • Applications to be submitted for approval to MAS; and • Notifications and regulatory submissions to MAS. This Compliance Toolkit serves as a guide to capital market services licensees (other than fund managers and REIT managers), exempt financial institutions (e.g. banks and finance companies) and other exempt entities (e.g. exempt corporate finance advisers) on the various approval and reporting requirements and timelines under the SFA and its subsidiary instruments.

To view the toolkit, please click here.

03 November 2020 – FAQs on the Risk Based Capital Adequacy Requirements for Capital Markets Services License Holders

This set of FAQs aims to guide and assist capital markets services licensees in complying with the risk based capital adequacy requirements under the Securities and Futures (Financial and Margin Requirements) Regulations and the Notice on Risk Based Capital Adequacy Requirements for Holders of Capital Markets Services Licences.

To view the toolkit, please click here.

06 November 2020 – Notice 827 Unsecured Credit Facilities to Individuals

Requirements for finance companies when granting an unsecured non-card credit facility to an individual.

To view the notice, please click here.

06 November 2020 – Notice 1109 Unsecured Credit Facilities to Individuals

Requirements for merchant banks when granting an unsecured non-card credit facility to an individual.

To view the form, please click here.

06 November 2020 – Notice 635 Unsecured Credit Facilities to Individuals

Requirements for banks when granting an unsecured non-card credit facility to an individual.

To view the notice, please click here.

06 November 2020 – Notice 118 Unsecured Credit Facilities to Individuals

Requirements for insurers when granting an unsecured non-card credit facility to an individual.

To view the notice, please click here.

09 November 2020 – Application for Approval to obtain Effective Control of Holder of Capital Markets Services Licence under Section 97A(2) of the Securities and Futures Act

Form for potential acquirers to seek MAS’ approval for obtaining effective control of capital markets services licensees.

To view the list of exemptions, please click here.

16 November 2020 – Notice 320 Management of Participating Life Insurance Business

Requirements for insurers to put in place internal governance policy and disclosures related to the management of participating life insurance business.

To view the list of exemptions, please click here.

16 November 2020 – Consultation Paper on Proposed Requirements on Insurers’ Charging of Expenses to the Participating Fund

This consultation paper sets out MAS’ proposals to revise the requirements in the area of expense charging and allocation to the participating fund.

To view the list of exemptions, please click here.


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Argus specializes in Financial and Compliance matters like vcc singapore, regulatory compliance, AML/CFT Controls, AML/CFT Training for FI and provides objective insights, subject expertise and a simple approach to all your Financial & Compliance matters. Our diversified client base spans start-ups to mature businesses. We partner with our clients to serve all their Financial & Compliance matters from the initial phase to ongoing support, training, audit, risk management and governance.

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