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AML / CFT Training for Financial Institutions in Singapore

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.

A training certificate of 2 hours for CPD will be given on passing the Assessment with the pass rate being 80%. The AML/CFT Training for FI to be conducted via Webinar – the dial-in details and the link to the Assessment will be sent nearer the date. The AML/CFT Training for FI will cover the rules & regulations including latest developments and best practices using real life examples.

Guidelines on Individual Accountability and Conduct

Monetary Authority of Singapore (“MAS”) released the Guidelines on Individual Accountability and Conduct (“Individual Accountability Guidelines”), which lists down the five high level outcomes that financial institutions should achieve to promote the accountability of senior managers, strengthen oversight over material risk personnel, as well as to reinforce conduct standards among all employees. In addition to the Individual Accountability Guidelines, MAS has also released an FAQ on Guidelines on Individual Accountability and Conduct.

You can know more about the guidelines 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.

Licensing and Compliance Requirements for Precious Metal Dealers

In late 2019, Ministry of Law (“Minlaw”) reminded all precious metal dealers to register their business with the Registrar of Regulated Dealers under the Precious Stones and Precious Metals (Prevention of Money Laundering and Terrorism Financing) Act 2019 (“AML/CFT Act”). All regulated dealers including those who act as intermediary for regulated dealing in precious metals must be registered. Examples of entities who would fall under the AML/CFT Act includes bullion traders, trading platforms and jewellery wholesalers.

Learn about the Compliance Requirements here

Industry News

Wirecard to cease credit card and other payment services in Singapore

Wirecard, a German digital payments company, filed for bankruptcy in June after disclosing that €1.9 billion (S$3 billion) of cash, supposed to be in bank accounts in the Philippines, did not exist. On 30 Sept 2020, the Monetary Authority of Singapore (MAS) has directed Wirecard entities to cease their payment services in Singapore. The entities have been instructed to return all customers’ funds by 14 Oct.

To read the full article, please click here.

Cayman Islands Delisted from EU Tax Haven Blacklist

Cayman Islands has been delisted from the EU’s list of non-cooperative jurisdictions for tax purposes – informally known as its ‘tax haven blacklist’. The decision to remove one of the world’s most secretive and low tax jurisdictions has come under fire by critics who see the criteria for listing is flawed, arbitrary, and perhaps even politically motivated.

To read the full article, please click here.

Ex-BSI Banker banned for life by MAS

The Monetary Authority of Singapore (MAS) has issued lifetime Prohibition Orders (POs) against Mr Kevin Michael Swampillai for deliberately making misrepresentations to KPMG Malaysia – auditors of the Malaysian state-owned strategic development company, 1Malaysia Development Berhad (1MDB).

To read the full article, please click here.

Regulatory Updates

1 October 2020 – Banking (Publication and Provision of Accounts) Regulations

The regulations sets out the requirement for all banks to publish their annual balance-sheet, profit and loss account and certain information in local daily newspapers or banks’ internet website, and make available the information to any person upon the person’s request.

To view the regulations, please click here.

2 October 2020 – Compliance Toolkit for Approvals, Notifications and Other Regulatory Submissions to MAS for Fund Managers

This Compliance Toolkit aims to guide and facilitate licensed fund management companies, registered fund management companies, venture capital fund managers’ compliance with the various MAS approval and reporting requirements and timelines.

To view the toolkit, please click here.

2 October 2020 – Compliance Toolkit for Approvals, Notifications and Other Regulatory Submissions to MAS for REIT Managers

This Compliance Toolkit aims to guide and facilitate REIT managers’ compliance with the various MAS approval and reporting requirements and timelines.

To view the toolkit, please click here.

5 October 2020 – Notice FAA-N20 Requirements for the Remuneration Framework for Representatives and Supervisors (“Balanced Scorecard Framework”) and Independent Sales Audit Unit

This notice applies to all licensed financial advisers and exempt financial advisers. It does not apply to a financial adviser in respect of the activities, recommendations or transactions set out under regulation 34A of the Financial Advisers Regulations. This notice sets out the requirements, specifically the design and operation of the balanced scorecard framework, and the roles and responsibilities of the independent sales audit unit, that financial advisers must put in place in the remuneration structures for their representatives and supervisors.

To view the notice, please click here.

6 October 2020 – Form 3A – Notification for Appointment of an Appointed Representative

Updated form for licensed financial advisers, capital markets services licensees, banks, merchant banks, finance companies and insurers to notify MAS of the appointment of representatives.

To view the form, please click here.

8 October 2020 – Notice 307 Investment-Linked Policies

This notice applies to all direct life insurers who offer investment-linked policies. This update sets out additional guidance on the mandatory requirements on notifications to MAS, valuation of units, audit of ILP sub-funds, disclosures and other operational practices, and the non-mandatory standards on investment guidelines, borrowing limits, valuation errors and compensation, and other operational practices.

To view the notice, please click here.

15 October 2020 – Notice 648 Issuance of Covered Bonds by Banks Incorporated in Singapore

This notice applies to all banks incorporated in Singapore. It sets out the requirements that banks have to comply with when issuing covered bonds. These include: (i) cover pool assets and encumbrance limit, (ii) risk management requirements, and (iii) notification and other requirements. This update includes additional guidance for banks when determining its total assets.

To view the notice, please click here.

16 October 2020 – Consultation Paper on Proposed Regulations and Notices for Licensed Credit Bureaus and Approved Members

This consultation seeks views on the draft regulations and notices applicable to the licensed credit bureaus and approved members regulated under the Credit Bureau Act 2016. MAS invites existing credit bureaus and members of credit bureaus in Singapore, as well as any other interested parties, for comments on the proposals outlined in this consultation paper. All comments are to be submitted by 15 November 2020.

To view the consultation paper, please click here.

27 October 2020 – Exemptions issued under s337(2) SFA – 3Q2020

List of exemptions issued by the MAS under section 337(2) of the Securities and Futures Act for the period from 1 July 2020 to 30 September 2020 relating to single family offices (“SFOs”) that provide fund management services to their respective sponsors.

To view the list of exemptions, please click here.


AML/CFT Training for FI
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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 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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