MAS Reprimands AIA Financial Advisers, Prudential, and Two Aviva Entities
On 15th June 2021, Monetary Authority of Singapore (MAS) reprimanded several large financial institutions in the insurance and financial advisory sector for breaches relating to risk management arrangements and remuneration of supervisors. AIA Financial Adviser,...
Argus Global comes together with Waystone
Argus Global is delighted to announce that it has come together with Waystone to form Waystone Compliance Solutions together with Titan Regulation, CCL Compliance and ISAS. Read more in the announcement here.
MAS proposes to mandate reference checks
The Monetary Authority of Singapore (“MAS”) released a consultation paper on 17 May 2021 inviting the public to comment on proposals to mandate reference checks for both representatives of financial institutions and other employees of financial institutions. Current...
MAS Revised Corporate Governance Guidelines in Singapore – Argus
On 7 May 2021, The Monetary Authority of Singapore (“MAS”) consulted on proposed changes to the Guidelines on Corporate Governance for Designated Financial Holding Companies, Banks, Direct Insurers, Reinsurers and Captive Insurers. The consultation closes on 18 June...
Launch of our IBF accredited training programme
We are pleased to announce that our Anti-Money Laundering and Countering the Financing of Terrorism (“AML/CFT”) Training for Financial Institutions course has been recognised by the Institute of Banking and Finance (IBF) under the Financial Training Scheme (“FTS”)...
MAS bans individuals for making false and misleading statements
The Monetary Authority of Singapore (MAS) has imposed a two-year prohibition order against, Mr Lim Chew Keat, a former insurance agent of Synergy Financial Advisers Pte Ltd (Synergy FA) for making false and misleading statements to his clients. The prohibition order...
MAS issues new prohibition order for conducting regulated activities without a licence
On 7 May 2021, the Monetary Authority of Singapore (MAS) issued a 10-year prohibition order against an individual named Mr Ahmadnawar Bin Abd Karim. The prohibition order was implemented after the court issued a conviction that Mr Ahmadnawar conducted regulated...
MAS consults on proposed AML notices under proposed exemption framework
On 12 May 2021, The Monetary Authority of Singapore (MAS) issued a consultation paper to seek comments on draft Notices setting out the proposed Anti-Money Laundering and Countering the Financing of Terrorism requirements under both the proposed Branch framework and...
MAS Commits over S$42million to Spur Tech Solutions for Risk Management and RegTech
The Monetary Authority of Singapore (MAS) has announced a new Regulatory Technology (RegTech) grant scheme and enhancement of the Digital Acceleration Grant (DAG) scheme. MAS will commit S$42 million for the RegTech grant scheme and DAG scheme. The RegTech scheme aims...
DNB Fined for not Complying with Money Laundering Rules
Norway’s biggest bank DNB has been warned that it may be fined 400 million kroner ($45 million) for failing to comply with anti-money laundering rules. Norway’s financial supervisory authority indicated in a preliminary report sent to DNB Bank that it may impose the...
Are You Prepared To Comply With MAS Environmental Risk Management Guidelines?
The Monetary Authority of Singapore (“MAS”) consulted on June 2020, on the proposed guidelines to enhance fund managers’ resilience to and management of environmental risk. The response to the said consultation was released on 8th December 2020. The Environmental Risk...
Thailand and Singapore Launch Linkage of Real-time Payment Systems
The Bank of Thailand (BOT) and Monetary Authority of Singapore (MAS) launched a linkage of Thailand’s Promptpay and Singapore’s Paynow real time retail payment services system. Customers of the participating banks in Thailand and Singapore will be able to transfer up...
Monthly Newsletter, April 2021
Articles & Events Summary Strengthening AML/CFT Controls of Digital Payment Token (DPT) Providers The Monetary Authority of Singapore (MAS) recently released an infographic setting out recent international developments and MAS’ supervisory...
Singapore Funds Industry Group (SFIG) to Strengthen Singapore’s Fund Management Ecosystem
New Singapore Funds Industry Group to Strengthen Singapore's Fund Management Ecosystem The Monetary Authority of Singapore (MAS) announced on 27 April 2021 the establishment of the Singapore Funds Industry Group (SFIG) – a new partnership between MAS and industry...
Strengthening AML/CFT Controls of Digital Payment Token (DPT) Providers
The Monetary Authority of Singapore (MAS) recently released an infographic setting out recent international developments and MAS’ supervisory expectations on anti-money laundering / countering the financing of terrorism (AML/CFT) controls for the Digital Payment Token...
Monthly Newsletter, March 2021
Industry News Investment fraud- Envy Asset Management and Envy Global Trading not licensed by MAS MAS had placed EAM on the Investor Alert List on 19 March 2020, to highlight that Envy Asset Management (EAM) may have been wrongly perceived as being...
Investment fraud- Envy Asset Management and Envy Global Trading not licensed by MAS
MAS had placed EAM on the Investor Alert List on 19 March 2020, to highlight that Envy Asset Management (Envy) may have been wrongly perceived as being licensed by MAS. MAS had received public feedback that Envy had told customers that it was in the process of...
We’ve Moved to a New Office Location
We are excited to announce that our team has moved to a new office location. Our new office address is: 6 Raffles Quay, #14-07, Singapore 048580. The new and larger office space allows us to serve our customers better. If you have any questions about the relocation,...
Argus Newsletter, February 2021
Articles & Events Summary 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...
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...
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