Articles and Events Summary

AML / CFT Training for Asset/Fund Managers

Argus Global conducted a refresher training for Asset/Fund Manager on topics of AML / CFT.

The online training was attended by over 50 professionals and a training certificate for CPD was awarded to the attendees. Conducted by Nithi Genesan – Director of Compliance at Argus Global –  the training covered the rules & regulations including latest developments and best practices using real life examples.

Strengthening AML/CFT Controls

Monetary Authority of Singapore (“MAS”) published a guidance paper which sets out MAS’ supervisory expectations of sound practices where anti-money laundering / countering of financing of terrorism (“AML/CFT”) control functions are outsourced. We have highlighted key learning points that financial institutions should review and map their AML/CFT AML/CFT Controls & policies against to verify if their policies and procedures are meeting MAS’ standards.

You can know about the AML/CFT Controls here.

Industry News

Westpac agrees to proposed $1.3bn penalty for AML/CFT failures

The Australian Transaction Reports and Analysis Centre (AUSTRAC) and Westpac have agreed to a proposed penalty of $1.3 billion over Westpac’s breaches of Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (AML/CTF Act) reflecting the seriousness and magnitude of compliance failings by Westpac. The Federal Court of Australia will now consider the proposal and if approved, the penalty order made will represent the largest-ever civil penalty in Australian history. 

To read the full article, please click here.

Regulatory Updates

3 September 2020 – Notice SFA 02-N03 Execution of Orders by Market Operators

This notice is issued pursuant to section 45 of the Securities and Futures Act (Cap.289) (“Act”) and applies to locally-incorporated market operators, stating requirements for market operators which may exercise discretion in placing or executing orders.

To view the notice, please click here.

3 September 2020 – Notice SFA 04-N16 on Execution of Customer’s Orders

This notice applies to capital markets services (CMS) licensees, banks, merchant banks and finance companies which conduct the regulated activities of dealing in capital markets products, fund management or real estate investment trust management under the SFA. It sets out requirements for these financial institutions to have policies and procedures to place and execute customers’ orders on the best available terms (also known as “Best Execution”) to support fair outcomes for customers.

To view the notice, please click here.

3 September 2020 – Guidelines to Notice SFA04-N16 on Execution of Customers’ Orders

These guidelines apply to capital markets services (CMS) licensees, banks, merchant banks and finance companies which conduct the regulated activities of dealing in capital markets products, fund management or real estate investment trust management under the SFA. They set out guidance on the requirements in Notice SFA04-N16 on Execution of Customers’ Orders to have policies and procedures to place and execute customers’ orders on the best available terms to support fair outcomes for customers.  They should be read in conjunction with the Notice.

To view the guidelines, please click here.

3 September 2020 – Consultation Paper on Execution of Customers’ Orders

The MAS has published the response to feedback received on the Consultation Paper on Execution of Customers’ Orders. The Consultation Paper contained proposals to formalise MAS’ expectations for CMS licensees, banks, merchant banks and finance companies to have policies and procedures to place and execute customers’ orders on the best available terms (also known as “Best Execution”) to support fair outcomes for customers.

To view the response, please click here.

4 September 2020 – Effective AML/CFT Controls in Private Banking

This guidance paper sets out MAS’ supervisory expectations of effective AML/CFT controls in the private banking industry. The paper follows from a series of thematic inspections on private banks (“PBs”), and supplements the MAS’ Guidance on Private Banking Controls issued in 2014.

To view the guidance paper on AML/CFT Controls, please click here.

4 September 2020 – Consultation Paper on Draft Notices on the Competency Requirements for Representatives Conducting Regulated Activities under the Financial Advisers Act and Securities and Futures Act

To consult on the draft notices on the competency requirements for representatives conducting regulated activities under the Financial Advisers Act and Securities and Futures Act.

To view the consultation paper, please click here.

10 September 2020 – Guidelines on Individual Accountability and Conduct

The guidelines provide information on the five high level outcomes that financial institutions should achieve to promote the accountability of senior managers, strengthen oversight over material risk personnel, and reinforce conduct standards among all employees.

To view the guidelines, please click here.

10 September 2020 – Information Paper on Culture and Conduct Practices of Financial Institutions

This paper provides information on the culture and conduct outcomes financial institutions should work towards in specific areas such as governance, hiring, communication channels and performance management. The paper also provides examples of good practices gathered from a thematic survey and dialogue sessions conducted by MAS with banks, insurers and capital market intermediaries.

To view the information paper, please click here.

21 September 2020 – Notice 639A Exposures and Credit Facilities to Related Concerns

This notice states the requirements on all banks to prepare quarterly statements of their exposures and credit facilities to related concerns using the form and explanatory notes attached.

To view the notice, please click here.

21 September 2020 – FATF Report on Virtual Assets Red Flag Indicators of Money Laundering and Terrorist Financing

The Financial Action Task Force (FATF) published in September 2020, a FATF report on “Virtual Assets – Red Flag Indicators of Money Laundering and Terrorist Financing” (FATF Report). The report contains examples of red flag indicators to assist financial institutions in identifying and reporting potential money laundering and terrorist financing activities involving virtual assets.

To view the report, please click here.

21 September 2020 – Notice 643 Transactions with Related Parties

This notice applies to all banks. It sets out the definition, scope and general principle governing transactions with related parties, and the responsibilities of banks to maintain oversight and control over their related party transactions in order to mitigate the risk of abuse arising from conflicts of interest.

To view the notice, please click here.

21 September 2020 – Notice 652 Net Stable Funding Ratio

This notice applies to all domestic systemically important banks (D-SIBs) and internationally active banks. It sets out the minimum all currency net stable funding ratio (NSFR) requirements that a bank has to comply with.

To view the notice, please click here.

21 September 2020 – Notice 656 Exposures to Single Counterparty Groups for Banks Incorporated in Singapore

This Notice sets out the limits on exposures of a Reporting Bank to a single counterparty group, the types of exposures to be included in or excluded from those limits, the basis for computation of exposures, the eligible credit risk mitigation techniques, and the approach for aggregation of exposures.

To view the notice, please click here.

21 September 2020 – Notice 639 Exposures to Single Counterparty Groups

This notice applies to all locally-incorporated banks. It sets out the limits on exposures of a locally-incorporated bank to a single counterparty group, type of exposures to be included in or excluded from those limits, basis for computation of exposures, eligible credit risk mitigation techniques, and the approach for aggregation of exposures.

To view the notice, please click here.

23 September 2020 – Notice 637 Risk Based Capital Adequacy Requirements for Banks Incorporated in Singapore

This notice applies to all locally-incorporated banks. It sets out the capital adequacy ratio and leverage ratio requirements for a locally-incorporated bank and the methodology and process for calculating these ratios, requirements for the internal capital adequacy assessment process of a locally-incorporated bank, public disclosure requirements for a locally-incorporated bank in relation to its capital adequacy and risk exposures, and the data submission and disclosure requirements on the indicators for assessing the systemic importance of global banks.

To view the notice, please click here.

24 September 2020 – Notice 607 Publication of Financial Statements

This notice applies to all banks in Singapore. It requires a bank to include the necessary information (e.g. auditor’s report, capital adequacy ratio) in its publication of annual financial statements. Provide information to members of public upon request.

To view the notice, please click here.

30 September 2020 – Notice 120 Disclosure and Advisory Process Requirements For Accident and Health Insurance Products

This notice applies to direct insurers and persons who act as an insurance agent for the insurers, registered direct insurance brokers and their broking staff, exempt direct insurance brokers and their broking staff, licensed financial advisers and their representatives, and exempt financial advisers and their representatives who provide advice on or arrange accident and health insurance policies. It sets out the mandatory requirements and best practice standards on the disclosure of information and provision of advice for accident and health policies, and life policies with accident and health benefits.

To view the notice, please click here.


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Argus specializes in Financial and Compliance matters like vcc singapore, regulatory compliance, AML/CFT Controls 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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