Former representative of an Insurance Broker banned by MAS for dishonest conduct
Mr Lau Man Chun, a former representative of an insurance broker, has been issued four-year prohibition orders (POs) by the Monetary Authority of Singapore (MAS). The POs against Mr Lau, that took effect from 22 February 2021, were due to his dishonest conduct relating...
Argus Newsletter, January 2021
Articles and Events Summary WEBINAR Payment Services Act Argus Global conducted a webinar on the Payment Services Act on 5 February 2021. We had overwhelming response for the Payment Services Act Webinar with over 100 participants joining it Live and actively...
Compliance Outsourcing and Secondment
All regulated financial institutions in Singapore are required to ensure they have suitable compliance arrangements in place to assist in meeting regulatory requirements. Licensed entities in Singapore, upon receiving their licence, will be required to put in place...
Cross Border Exemptions for Financial Institutions
Since 2002 financial institutions’ foreign related corporations may provide financial services in Singapore without being subject to licensing requirements in Singapore. These arrangements are approved by the Monetary Authority of Singapore (“MAS”) on a case-by-case...
Payment Services (Amendment) Bill
The Payment Services Act came into force in January 2020. It was released on 4th January 2021 that the Payment Services Act will be read for a second time to make further changes to keep up with evolving innovation and technology, and emergence of new business models...
Revised Technology Risk Management Guidelines
On 18 January 2021, the Monetary Authority of Singapore (MAS) released a revised Technology Risk Management Guidelines to address an environment of growing usage by financial institutions (FIs) of cloud technologies, application programming interfaces (APIs), and...
Argus Newsletter, December 2020
Articles and Events Summary Non-Face-to-Face Identity Verification The Monetary Authority of Singapore (“MAS”) on 10 November 2020, introduced a new consultation paper on the types of information required for non-face-to-face verification of an individual’s...
Revised Penalty Framework for Annual Lodgments from 30 Apr 2021Revised Penalty Framework for Annual Lodgments from 30 Apr 2021
All Singapore incorporated companies, Variable Capital Companies (VCCs) and Limited Liability Partnerships (LLPs) are required to file annual lodgment including annual returns and annual declarations with ACRA, within a prescribed timeline, under ACRA legislations....
New MAS Guidelines for Environmental Risk Management by Financial Institutions
The Monetary Authority of Singapore (“MAS”) recently released new guidelines for financial institutions (‘FI”), including asset managers, to enhance FIs management of their environmental risks. On 25th June 2020, MAS issued a consultation paper to introduce the...
Non-Face-to-Face Identity Verification
The Monetary Authority of Singapore (“MAS”) on 10 November 2020, introduced a new consultation paper on the types of information required for non-face-to-face verification of an individual’s identity. In light of increase in global cyber attacks such as data theft,...
Argus Newsletter, November 2020
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...
Peer to Peer Lending/ Crowdfunding Requirements in Singapore
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 using the following forms of crowdfunding: Donation-based crowdfunding –where individuals...
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...
AML/CFT Training and Regulatory Updates – Financial Institutions -Singapore
REGISTER NOW 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...
Argus Newsletter, October 2020
Articles and Events Summary Online Training 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...
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...
MAS to enhance enforcement actions against market abuse and financial misconduct
In its Enforcement Report published today, the 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...
Financial Advisors – Balanced Scorecard Requirements
Monetary Authority of Singapore (“MAS”) issued Notice FAA-N02 Requirements for the Remuneration Framework for Representatives and Supervisors (“Balanced Scorecard Framework”) and Independent Sales Audit Unit. MAS also released a Guidelines on the Remuneration...
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...
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...
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