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...
MAS Requirements on Cyber Hygiene
Monetary Authority of Singapore (“MAS”) released a Notice on Cyber Hygiene on 6th 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...
Cayman Islands Delisted from EU Tax Haven Blacklist
Cayman Islands has been delisted from the EU’s list of non-cooperative jurisdictions for taxpurposes – informally known as its ‘tax haven blacklist’. The decision to remove one of the world’smost secretive and low tax jurisdictions has come under fire by critics who...
Argus Newsletter, September 2020
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...
Guidelines on Individual Accountability and Conduct
On 10 September 2020, the 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...
Wirecard to cease credit card and other payment services in Singapore
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. Wirecard, a German digital payments company, filed for...
Strengthening AML/CFT Controls
Monetary Authority of Singapore (“MAS”) on 15th of July 2020 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. In...
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...
Argus Newsletter, August 2020
Articles and Events Summary [Training Alert] AML / CFT Training for Asset/Fund Managers Friday, 25 Sep 2020, 2.30-4.00pm The Monetary Authority of Singapore ("MAS") encourages all Asset / Fund Managers to attend at least one refresher training on topics of AML / CFT....
AML / CFT Training 2020 for Fund Managers in Singapore
REGISTER NOW The Monetary Authority of Singapore ("MAS") encourages all Asset / Fund Managers to attend at least one refresher training on topics of AML / CFT every year. We are happy to conduct this training online. A training certificate of 2 hours for CPD will be...
MOM to enforce salary changes to enhance job opportunities for Singaporeans and attracting global talent
Given the weakness in the job market and uncertain growth outlook, the Ministry of Manpower (MOM) will update the Employment Pass (EP) and S Pass criteria to suit prevailing conditions, the Ministry of Manpower has announced key changes to foreign work pass policies....
Internal Audit and Independent Assessment for Payment Services Licence Holders
New Payment Services Act (“Act”) came into effect 28 January 2020. Along with the Act, the Monetary Authority of Singapore (“MAS”) has introduced several notices and guidelines to be adhered to by Payment Services Licence Holders (“regulated entities”). The Notices...
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