APAC Monthly Newsletter, June 2021 - Waystone

      APAC Monthly Newsletter, June 2021

       

      Articles & Events Summary

       

      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.

      For more details, please click here.

       

      Online Event: AML/CFT Training for Financial Institutions (P210209EWF)

      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 1.5 hours for CPD will be given on passing the Assessment with the pass rate being 80%. 

      For more details or to register, click here.

       

      Industry News

       

      8 June 2021 – 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.

      To read the full article, please click here.

       

      17 June 2021 – 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.

      To read the full article, please click here.

       

      29 June 2021 – MAS extends training support measures to foster skills development in new growth areas

      On 25 June 2021, MAS and IBF announced new measures for the extension of the enhanced training support measures to build capabilities and strengthen employability of the local workforce.

      To read the full article, please click here.

       

      MAS Regulatory Updates – Highlights

       

      30 June 2021 – Notice 1005A Credit Files, Grading and Provisioning – COVID-19

      Requirements for merchant banks on maintaining credit files, grading credit facilities and determining credit loss allowance.

      To view the notice, please click here.

       

      30 June 2021 – Notice 631 Meaning of Customer under Section 40A

      Exclusions from the term “customer” under section 40A of the Banking Act.

      To view the notice, please click here.

       

      30 June 2021 – ID 11/21 Consequential Amendments To Notices Arising From The Banking (Amendment) Act 2020

      Informs insurers of the consequential amendments as well as other amendments to certain Notices arising from the Banking (Amendment) Act 2020.

      To view the circular, please click here.

       

      29 June 2021 – Notice 630 Private Equity and Venture Capital Investments

      Requirements for banks holding private equity and venture capital investments.

      To view the notice, please click here.

       

      29 June 2021 – Cancellation of Notices and Directives issued under the Monetary Authority of Singapore Act to Merchant Banks

      Notice to cancel Notices and Directives issued under the Monetary Authority of Singapore Act to Merchant Banks

      To view the notice, please click here.

       

      29 June 2021 – Notice 1018 Private Equity and Venture Capital Investments

      Requirements for merchant banks holding private equity and venture capital investments.

      To view the notice, please click here.

       

      29 June 2021 – Notice 1011 Appointment of Chief Executives [Cancelled]

      Requirements for all merchant banks on the appointment of chief executive and deputy chief executive.

      To view the cancellation of the notice, please click here.

       

      29 June 2021 – Notice 610 Submission of Statistics and Returns

      Requirements for banks on submitting returns to MAS, including reporting forms, completion notes and submission timeframe.

      To view the notice, please click here.

       

      29 June 2021 – Notice 1003 Submission of Statistics and Returns

      Requirements for merchant banks submitting returns to MAS, including reporting forms, completion notes and submission timeframe.

      To view the notice, please click here.

       

      29 June 2021 – Notice 811A Credit Files, Grading and Provisioning – COVID-19

      Requirements for finance companies on maintaining credit files, grading credit facilities and determining credit loss allowance.

      To view the notice, please click here.

       

      29 June 2021 – Notice 1005 Credit Files, Grading and Provisioning

      Requirements for merchant banks on maintaining credit files, grading credit facilities and determining credit loss allowance.

      To view the notice, please click here.

       

      29 June 2021 – Notice 1016 Loss Allowance for Expected Credit Losses on Credit Exposures

      Requirements for merchant banks to maintain an adequate loss allowance for expected credit losses on credit exposures.

      To view the notice, please click here.

       

      29 June 2021 – Notice 612A Credit Files, Grading and Provisioning – COVID-19

      Requirements for banks on maintaining credit files, grading credit facilities and determining credit loss allowance.

      To view the notice, please click here.

       

      29 June 2021 – Notice 1002 Auditors’ Reports and Additional Information to be Submitted with Annual Accounts

      Requirements for all merchant banks to submit external auditors’ reports and additional information, and annual financial statements.

      To view the notice, please click here.

       

      29 June 2021 – Notice 1013 Disclosure in Financial Statements

      Covers disclosure requirements in relation to a merchant bank’s financial statements.

      To view the notice, please click here.

       

      29 June 2021 – Notice 1007 Appointment of External Auditors

      Requirements for all merchant banks on the annual appointment of auditors.

      To view the notice, please click here.

       

      29 June 2021 – Notice 657 Privacy of Customer Information – Conditions for Disclosure of Customer Information by Auditors

      Requirements for auditors of banks on disclosure of customer information.

      To view the notice, please click here.

       

      29 June 2021 – Notice 1017 Privacy of Customer Information – Conditions for Disclosure of Customer Information by Auditors

      Requirements for auditors of merchant banks on disclosure of customer information.

      To view the notice, please click here.

       

      29 June 2021 – Notice 1113 Motor Vehicle Loans

      Rules merchant banks must follow when granting motor vehicle loans to individuals, including loan tenure and loan-to-value limits.

      To view the notice, please click here.

       

      29 June 2021 – Asian Currency Unit Terms and Conditions of Operation [Cancelled]

      Requirements for banks and merchant banks operating an Asian Currency Unit.

      To view the cancellation of the guidelines, please click here.

       

      29 June 2021 – Financial Advisers (Structured Deposits – Prescribed Investment Product and Exemption) Regulations

      Prescribes a structured deposit as an investment product.

      To view the regulations, please click here.

       

      29 June 2021 – Guidelines on Margin Requirements for Non-Centrally Cleared OTC Derivatives Contracts [SFA 15-G03]

      Requirements for the margining of non-centrally cleared OTC derivatives contracts.

      To view the guidelines, please click here.

       

      29 June 2021 – FAQs on the Securities and Futures (Reporting of Derivatives Contracts) Regulations 2013

      Implementation of the reporting obligations for requirements set out under the Securities And Futures (Reporting Of Derivatives Contracts) Regulations for OTC Derivatives.

      To view the FAQs, please click here.

       

      29 June 2021 – Financial Advisers (Exemption from Sections 25 to 29 and 36) Regulations

      Sets out exemptions for banks and merchant banks providing financial advisory services relating to existing or new products offered by any banks before 7 Oct 2004.

      To view the regulations, please click here.

       

      29 June 2021 – Financial Advisers Regulations

      Sets out the licensing, financial and business conduct requirements for financial advisers.

      To view the regulations, please click here.

       

      28 June 2021 – Guidelines on Fit and Proper Criteria [FSG-G01]

      Guidelines on fit and proper criteria for all relevant persons carrying out any activity regulated by MAS.

      To view the guidelines, please click here.

       

      28 June 2021 – Notice 307 Investment-Linked Policies

      Requirements and standards in relation to disclosure, investment guidelines, borrowing limits and operational practices for investment-linked policies.

      To view the notice, please click here.

       

      28 June 2021 – Notice SFA 04-N13 Risk Based Capital Adequacy Requirements for Holders of Capital Markets Services Licences

      How to comply with risk based capital adequacy requirements.

      To view the notice, please click here.

       

      28 June 2021 – Notice SFA 04-N04 Lending of Singapore Dollar to Non-Resident Financial Institutions for Holders of Capital Markets Services Licence

      Governs the lending of Singapore dollar by CMS licensees, including requirements for submitting monthly returns.

      To view the notice, please click here.

       

      28 June 2021 – Notice FAA-N11 Dual Currency Investments

      Requirements for financial advisers when advising on dual currency investments.

      To view the notice, please click here.

       

      28 June 2021 – Notice FAA-N06 on Prevention of Money Laundering and Countering the Financing of Terrorism – Financial Advisers

      Requirements for financial advisers on anti-money laundering (AML) and countering the financing of terrorism (CFT).

      To view the notice, please click here.

       

      28 June 2021 – Notice TCA-N03 Prevention of Money Laundering and Countering the Financing of Terrorism – Trust Companies

      Requirements for trust companies on anti-money laundering (AML) and countering the financing of terrorism (CFT).

      To view the notice, please click here.

       

      28 June 2021 – Notice SFA 13-N01 to Approved Trustees on Prevention of Money Laundering and Countering the Financing of Terrorism

      Requirements for approved trustees on anti-money laundering (AML) and countering the financing of terrorism (CFT).

      To view the notice, please click here.

       

      28 June 2021 – Notice SFA 03AA-N01 to the Depository on Prevention of Money Laundering and Countering the Financing of Terrorism

      Requirements for the Central Depository System on anti-money laundering (AML) and countering the financing of terrorism (CFT).

      To view the notice, please click here.

       

      28 June 2021 – Notice 211 Minimum and Best Practice Training and Competency Standards for Direct General Insurers

      To update the Notice to include that an insurance agent includes a merchant bank licensed under the Banking Act.

      To view the notice, please click here.

       

      28 June 2021 – Notice SFA 04-N02 to Capital Markets Intermediaries on Prevention of Money Laundering and Countering the Financing of Terrorism

      Requirements for capital markets intermediaries on anti-money laundering (AML) and countering the financing of terrorism (CFT).

      To view the notice, please click here.

       

      28 June 2021 – Notice 133 Valuation and Capital Framework for Insurers

      Sets out the requirements under the risk-based capital framework for all licensed insurers, including the way in which assets and liabilities are to be valued.

      To view the notice, please click here.

       

      28 June 2021 – Notice 1116 Foreign Exchange Conversion in China via the Renminbi Clearing Bank for the Settlement of Eligible Cross-Border Trade

      Requirements for merchant banks conducting foreign exchange conversion in China via the Renminbi Clearing Bank.

      To view the notice, please click here.

       

      28 June 2021 – Notice 625 Compliance with Sections 31 and 33 on a Consolidated Basis

      Requirements for banks to comply with sections 31 and 33 of the Banking Act on a consolidated basis.

      To view the notice, please click here.

       

      28 June 2021 – Notice 1107 Bridging Loans for the Purchase of Immovable Properties

      Conditions merchant banks must meet when disbursing bridging loans for property to individuals.

      To view the notice, please click here.

       

      28 June 2021 – Notice 1109 Unsecured Credit Facilities to Individuals

      Requirements for merchant banks when granting an unsecured non-card credit facility to an individual.

      To view the notice, please click here.

       

      28 June 2021 – Notice 1001 Definition of Capital Funds and Head Office Capital Funds

      Definition of “capital funds” and “head office capital funds” for merchant banks.

      To view the notice, please click here.

       

      28 June 2021 – Notice 1102 Register of Dealers

      Requirements for merchant banks on register of dealers.

      To view the notice, please click here.

       

      28 June 2021 – Notice 1108 Banking Secrecy – Conditions for Outsourcing

      Requirements for merchant banks on protecting the confidentiality of customer information in all outsourcing arrangements.

      To view the notice, please click here.

       

      28 June 2021 – Notice 636 Negotiable Certificates of Deposit

      Requirements for banks on the issuance and safekeeping of negotiable certificates of deposit and bearer securities.

      To view the notice, please click here.

       

      28 June 2021 – Notice 1110 Negotiable Certificates of Deposit

      Requirements for merchant banks on the issuance and safekeeping of negotiable certificates of deposit and bearer securities.

      To view the notice, please click here.

       

      28 June 2021 – PSN10 Prevention of Money Laundering and Countering the Financing of Terrorism – Exempt Payment Service Providers

      Notice to exempt payment service providers on the application of anti-money laundering (AML) and countering the financing of terrorism (CFT) requirements to the provision of payment services for specified products.

      To view the notice, please click here.

       

      28 June 2021 – Notice PSN02 Prevention of Money Laundering and Countering the Financing of Terrorism – Digital Payment Token Service

      Requirements for digital payment token service providers on anti–money laundering (AML) and countering the financing of terrorism (CFT)

      To view the notice, please click here.

       

      28 June 2021 – Notice PSN01 Prevention of Money Laundering and Countering the Financing of Terrorism – Specified Payment Services

      Requirements for payment service providers (other than a digital payment token service provider) on anti-money laundering (AML) and countering the financing of terrorism (CFT).

      To view the notice, please click here.

       

      28 June 2021 – Notice 1014 Prevention of Money Laundering and Countering the Financing of Terrorism – Merchant Banks

      Requirements for merchant banks on anti-money laundering (AML) and countering the financing of terrorism (CFT).

      To view the notice, please click here.

       

      28 June 2021 – Notice 626A Prevention of Money Laundering and Countering the Financing of Terrorism – Credit Card or Charge Card Licensees

      Requirements for credit card or charge card licensees on anti-money laundering (AML) and countering the financing of terrorism (CFT).

      To view the notice, please click here.

       

      28 June 2021 – Notice 1115A Computation of Total Debt Servicing Ratio for Property Loans

      Requirements for merchant banks on computing the total debt servicing ratio (TDSR) for property loans. Adjustments made for COVID-19.

      To view the notice, please click here.

       

      28 June 2021 – Notice 1115 Computation of Total Debt Servicing Ratio for Property Loans

      Requirements for merchant banks on computing the total debt servicing ratio (TDSR) for property loans.

      To view the notice, please click here.

       

      28 June 2021 – Notice 1106B Residential Property Loans

      Rules for merchant banks when granting residential property loans to individuals and non-individuals.

      To view the notice, please click here.

       

      28 June 2021 – Notice 824 on Prevention of Money Laundering and Countering the Financing of Terrorism – Finance Companies

      Requirements for finance companies on anti-money laundering (AML) and countering the financing of terrorism (CFT).

      To view the notice, please click here.

       

      28 June 2021 – Notice 1106A Residential Property Loans – Fact Sheet

      Information merchant banks must include in the required fact sheet to borrowers before granting a residential property loan.

      To view the notice, please click here.

       

      28 June 2021 – Notice 1106 Residential Property Loans

      Rules for merchant banks when granting residential property loans to individuals and non-individuals.

      To view the notice, please click here.

       

      28 June 2021 – Notice 626 Prevention of Money Laundering and Countering the Financing of Terrorism – Banks

      Requirements for banks on anti-money laundering (AML) and countering the financing of terrorism (CFT).

      To view the notice, please click here.

       

      28 June 2021 – Notice 1105 Lending of Singapore Dollar to Non-Resident Financial Institutions

      Governs the lending of SGD by merchant banks to non-resident financial institutions, including requirements for submitting monthly returns.

      To view the notice, please click here.

       

      28 June 2021 – Notice 755 Weekly Report on S$ Transactions

      Requirement for banks to submit a weekly report on their foreign exchange (FX) transactions against the Singapore Dollar.

      To view the notice, please click here.

       

      28 June 2021 – Notice 314 Prevention of Money Laundering and Countering the Financing of Terrorism – Life Insurers

      Requirements for direct life insurers to exercise due diligence and conduct their business with high ethical standards, to guard against money laundering and terrorism financing.

      To view the notice, please click here.

       

      28 June 2021 – Notice 109 Lending of Singapore Dollar to Non-Resident Financial Institutions

      Governs the lending of S$ by insurers (except captive insurers) to non-resident financial institutions, including requirements for submitting monthly returns.

      To view the notice, please click here.

       

      28 June 2021 – Notice 1104 Weekly Report on S$ Transactions

      Requirements for merchant banks to submit a weekly report on Singapore Dollar transactions.

      To view the notice, please click here.

       

      28 June 2021 – Notice 816 Lending of Singapore Dollar to Non-Resident Financial Institutions

      Governs the lending of SGD by finance companies to non-resident financial institutions, including requirements for submitting monthly returns.

      To view the notice, please click here.

       

      28 June 2021 – Notice 757 Lending of Singapore Dollar to Non-Resident Financial Institutions

      Governs the lending of SGD by banks to non-resident financial institutions, including requirements for submitting monthly returns.

      To view the notice, please click here.

       

      28 June 2021 – Criteria for the Registration of an Insurance Broker [IA/II-G04]

      Guidelines on the criteria and procedures for registration as an insurance broker.

      To view the guidelines, please click here.

       

      28 June 2021 – Guidelines on Structured Deposits [FAA-G09]

      Guidelines on the standards of conduct expected of financial advisers and their representatives when advising on structured deposits.

      To view the guidelines, please click here.

       

      28 June 2021 – Guidelines on Criteria for the Grant of a Financial Adviser’s Licence [FAA-G01]

      Guidelines on the licensing admission criteria for persons applying for a financial adviser’s licence under the Financial Advisers Act.

      To view the guidelines, please click here.

       

      28 June 2021 – Notice 643 Transactions with Related Parties

      Requirements for banks when engaging in transactions with their related parties.

      To view the notice, please click here.

       

      28 June 2021 – Guidelines on Definition of a “Deposit”

      Guidelines for determining if a financial product can be defined as a “deposit”.

      To view the guidelines, please click here.

       

      28 June 2021 – Guidelines for Operation of Merchant Banks [Cancelled]

      Guidelines on the permitted activities and restrictions for merchant banks. The Guidelines was cancelled with effect from 1 July 2021.

      To view the cancellation of the notice, please click here.

       

      28 June 2021 – Guidelines on Risk Mitigation Requirements for Non-Centrally Cleared Over-the-Counter Derivative Contracts

      Provides guidance on the risk mitigation measures for dealing in Over-the-Counter (OTC) derivatives that are not centrally cleared.

      To view the guidelines, please click here.

       

      28 June 2021 – FAQs on Financial Advisers Act, Financial Advisers Regulations, Notices and Guidelines

      Provides guidance to financial advisers about the FAA regime and covers topics including licensing requirements, exemptions, representative notification framework, business conduct and reporting requirements.

      To view the FAQs, please click here.

       

      28 June 2021 – Notice IA/PP-N03.1 Insurance Deposits

      Specifies the insurance deposits that approved MAT insurers shall maintain with the Authority.

      To view the notice, please click here.

       

      28 June 2021 – Form 27 – Notice of Change of Particulars by Persons Exempt from Holding a Financial Adviser’s Licence under section 23(1)(a), (b), (c), (d), and (e)

      Form for exempt financial advisers to notify MAS when there are changes to their particulars. The form is to be submitted no later than 14 days after the date of change.

      To view the form, please click here.

       

      28 June 2021 – Form 26 – Notice of Commencement of Business / Additional Financial Advisory Services by Persons Exempt from Holding a Financial Adviser’s Licence under Section 23(1)(a), (b), (c), (d), and (e)

      Form for exempt financial advisers to notify MAS of their commencement or addition of financial advisory services. The form is to be submitted at least 14 days before the commencement or addition of business.

      To view the form, please click here.

       

      28 June 2021 – Guidelines on Risk Management Practices – Board and Senior Management

      Guidelines on the role that a financial institution’s Board of Directors and senior management play in risk management.

      To view the guidelines, please click here.

       

      28 June 2021 – Guidelines on the Application of Banking Regulations to Islamic Banking

      Guidelines for all financial institutions covering MAS’ general approach to Islamic banking regulations./p>

      To view the guidelines, please click here.

      22 June 2021 – Notice 756 Deposit and Lending Rates [Cancelled with effect from 1 Jul 2021]

      Requirements for banks to inform MAS of any change in Singapore Dollar interest rates.

      To view the cancellation of the notice, please click here.

      22 June 2021 – Consultation Paper on Enhancing Pre and Post-Transaction Safeguards for Retail Clients

      This consultation seeks views on proposals to enhance pre and post-transaction safeguards for retail clients.

      To view the consultation paper, please click here.

      22 June 2021 – Notice 650 Collection of Statistical Returns for Renminbi Business Activities [Cancelled with effect from 1 Jul 2021]

      Requirements, templates and instructions for all banks when submitting statistical returns for Renminbi business activities.

      To view the cancellation of the notice, please click here.

      14 June 2021 – Notice 637 Risk Based Capital Adequacy Requirements for Banks Incorporated in Singapore

      Risk-based capital adequacy requirements for reporting banks incorporated in Singapore.

      To view the notice, please click here.

      14 June 2021 – Notice 656 Exposures to Single Counterparty Groups for Banks Incorporated in Singapore

      Rules to measure and limit a locally-incorporated bank’s exposures to a single counterparty group.

      To view the notice, please click here.

      11 June 2021 – Notice 640 Minimum Asset Maintenance Requirements

      Covers requirements for the minimum amount of eligible assets that foreign banks must maintain in Singapore.

      To view the notice, please click here.

      11 June 2021 – Notice 1012 Credit Facilities to a Single Borrower or Group of Borrowers

      Requirements for merchant banks incorporated in Singapore to limit their exposures to a single borrower or group of borrowers.

      To view the notice, please click here.

      11 June 2021 – Notice 1015 Minimum Liquid Assets and Liquidity Coverage Ratio

      Requirements for merchant banks to comply with the minimum liquid assets (MLA) or the liquidity coverage ratio (LCR).

      To view the notice, please click here.

      11 June 2021 – Notice 753 Register of Dealers

      Requirements for banks on register of dealers.

      To view the notice, please click here.

      11 June 2021 – Notice 1004 Credit Facilities to Merchant Bank Directors, Staff and Related Concerns

      Requirements for merchant banks when granting credit facilities to directors, staff and related concerns.

      To view the notice, please click here.

      11 June 2021 – Guidelines for Operation of Wholesale Banks

      Guidelines on the permitted activities and restrictions for wholesale banks.

      To view the guidelines, please click here.

      22 June 2021 – Notice 639 Exposures to Single Counterparty Groups [Cancelled]

      Rules to measure and limit a locally-incorporated bank’s exposures to a single counterparty group. This notice was cancelled with effect from 01 July 2021.

      To view the cancellation of the notice, please click here.

      11 June 2021 – Notice 1111 Risk Based Capital Adequacy Requirements for Merchant Banks Incorporated in Singapore

      Risk-based capital adequacy requirements for reporting merchant banks incorporated in Singapore.

      To view the notice, please click here.

      11 June 2021 – Notice 760 Collection of Statistical Returns for Unsecured Credit Facilities

      Requirements for banks to submit quarterly statistical returns to MAS for their unsecured non-card credit facility portfolio.

      To view the notice, please click here.

      11 June 2021 – Notice 759 Collection of Statistical Returns for Credit Cards

      Requirements for all credit card issuers to submit quarterly statistical returns for credit cards to MAS.

      To view the notice, please click here.

      11 June 2021 – Notice 601 Capital Funds and Head Office Capital Funds

      Defines the terms “capital funds” and “head office capital funds”.

      To view the notice, please click here.


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