The Monetary Authority of Singapore has issued a consultation paper proposing additional regulatory safeguards, particularly around retail customer access, business conduct measures and technology risk management for cryptocurrency players. The MAS seeks to extend its regulatory focus beyond money laundering and terrorism financing risks, to holistically strengthen the regulatory framework, limit consumer harm and better address fraud protection in light of recent incidents, while acknowledging the need not to hamper digital innovation. The MAS proposes that these new requirements, once issued in the form of guidelines, will apply not only to licensed digital payment token service providers licensed under the Payment Services Act 2019, but also to those currently operating under a transitional exemption from licensing while their license applications are being reviewed.

The Monetary Authority of Singapore requires all providers of cryptocurrency, known under the Payment Services Act as Digital Payment Tokens, to understand that DPT trading is unsuitable for the general public. MAS has issued PS-G02: Guidelines On Provision Of Digital Payment Token Services To The Public on 17 January 2022 to all DPT service providers to ensure that their marketing campaigns, advertisements and promotions for buying or selling of DPTs or facilitating the exchange of DPTs are consistent with the risk disclosures under the PSA, which requires that all actual and potential customers be provided with a risk warning statement highlighting the risks associated with trading in DPTs.

Episode 21: COP26 Key Takeaways for Sovereign Wealth Funds
In this episode of FInsight, Andrew Hedges and Kay She from Baker McKenzie’s EMI group in London discuss their experience and observations while on the ground in Glasgow. They cover business imperatives and challenges affecting the global economy and how sovereign wealth funds are well-positioned to influence and make an impact on broader sustainability goals and action plans. As discussions on climate-related issues evolve from commitments to execution in the recent COP26 UN Climate Change Conference, we unpack some of the key takeaways relevant for sovereign wealth funds.

Following a series of consultations, the Monetary Authority of Singapore has implemented two new cross-border exemption frameworks, which came into effect on 9 October 2021.

The Monetary Authority of Singapore (MAS) has released for consultation the proposals in its paper, FI-FI Information Sharing Platform for AML/CFT, which will require Financial Institutions to share with each other information on customers or transactions, where they cross material risk thresholds, on a secured digital platform owned and operated by MAS to be named ‘Collaborative Sharing of ML/TF Information & Cases

In this episode of FInsight, Baker McKenzie partners Daniela Fonseca Puggina from our Miami office and Jennifer Semko from our Washington D.C. office discuss litigation readiness for FIs. The episode also covers potential vulnerabilities and disputes that they need to prepare for, current and emerging trends in litigation (from our Litigation Intelligence Tool and Report), and how they can benefit from litigation preparedness.

In the latest episode of the Global Financial Industry Podcast, Baker McKenzie associates discuss: Sovereigns series – key principles of investment treaty protection. The episode covers recent examples of sovereign wealth fundsSWFs bringing investment treaty claims and how others can obtain access to these protections. The episode also analyzes why investors should consider investment treaties as part of their decision-making process.

In this special edition, Eva-Maria Segur Cabanac, a partner in our Vienna office and global sustainability lead for financial institutions, and Jennifer Klass, a partner in our New York office and co-chair of the financial regulation and enforcement practice in North America, talk with Ying Yi Liew on how the COVID-19 pandemic led to the prioritization of Environmental, Social, and Governance (ESG) considerations among financial institutions (FIs).

The Monetary Authority of Singapore (MAS) recently released a consultation (“Consultation”) on its “Proposed Amendments to MAS’ Investigative and Other Powers under the Various Acts.” The amendments, to be introduced through the Financial Institutions (“Miscellaneous Amendments”) Bill (“proposed provisions”), will expand the supervisory and enforcement powers of the MAS under the following acts: Banking Act (BA); Credit Bureau Act; Financial Advisers Act (FAA); Insurance Act (IA); Payment Services Act (PS Act); Securities and Futures Act (SFA); Trust Companies Act (TCA); and the upcoming new omnibus Act (“new Act”) for the financial sector (collectively, “relevant Acts”).

The Global Financial Institutions Industry Podcast includes 13 episodes on the following topics: Operational Risk, Risk Management Guidelines, Fintech, Financial Institutions, Insurtech, Insurance and Financial Sponsors.