Insurers, their directors, senior management and appointed actuaries should note the significant changes proposed by the Monetary Authority of Singapore (MAS) to the MAS Notice 320 on the management of participating life insurance business. The following proposed changes are intended to safeguard policy owners’ interests, and to avoid reductions in…
On 6 August 2019, the Monetary Authority of Singapore (“MAS”) issued a set of legally binding requirements that financial institutions must take to mitigate the growing risk of cyber threats. These requirements are contained in the following notices (collectively, “Cyber Hygiene Notices”): MAS has also issued a set of Frequently…
The Association of Cryptocurrency Enterprises and Start-ups, Singapore (“ACCESS”), as part of its Standardisation of Practice In Crypto Entities initiative for the digital asset industry, has developed a Code of Practice (“Code”), and accompanying guidelines, which sets out industry standards of Anti-Money Laundering and Counter Financing of Terrorism (“AML/CFT”) measures that…
Download publication A series of briefings that take a “bite-size” look at international trends in different jurisdictions drawing on Baker McKenzie’s expert financial services practitioners Individual Accountability Regimes – Driving Improvements in Culture This edition takes a bite-size look at culture within financial services businesses, as seen by regulators in…
In a move that the Monetary Authority of Singapore (MAS) describes as new phase in the country’s banking system, MAS announced it intends to issue up to five new bank licences to digital players1. This will be in addition to any internet-only bank services offered by local banking groups. The…
On 10 April 2019, the Monetary Authority of Singapore (MAS) issued a consultation paper on the Proposed Payment Services Regulations (Consultation Paper).1 You may read our previous alerts on the features of the version of the Payment Services Bill released for public consultation, and the subsequent updating notes describing the…
The MAS’ proposed framework covers recovery and resolution planning, temporary stays and suspensions of termination rights triggered by resolution, statutory bail-in powers, cross-border recognition of resolution actions, creditor safeguards and resolution funding.
The Monetary Authority of Singapore (“MAS”)(Amendment) Bill, passed in Parliament on 11 May 2015, provides MAS with greater supervisory powers over financial institutions and more extensive cooperation between MAS and its foreign supervisory counterparts. This amendment was accepted from the proposed revisions in MAS’ Consultation Paper P009-2014, as referred to…
To enhance and also align Singapore’s anti-money laundering (AML) and countering the financing of terrorism (CFT) regime with the international standards set by the Financial Action Task Force, the Act establishing the Monetary Authority of Singapore (MAS), Singapore’s central bank and prudential regulator, will be amended to: consolidate at the…
The Finance and Home Affairs Ministries and the Monetary Authority of Singapore (MAS) followed the Financial Action Task Force’s 2013 publication “Guidance on National Money Laundering and Terrorist Financing Risk Assessment” with a government-wide assessment of money laundering and terrorist financing risks within Singapore. Their joint 2013 assessment (the “Singapore…