Regulatory Compliance Updates April 2024 – APAC Region - Waystone

      Regulatory Compliance Updates April 2024 – APAC Region

      This APAC regulatory update includes – PSN07 Notice on Conduct, PSN02 Notice on Prevention of Money Laundering and Countering the Financing of Terrorism – Digital Payment Token Service and PSN08 Notice on Disclosures and Communications.

      29 April 2024 – ID 09/24 Amendments To MAS Notice FHC-N126 On Enterprise Risk Management

      Informs all Designated Financial Holding Companies (Licensed Insurer) and licensed insurers (except for Captive Insurers, Marine Mutual Insurers and SPRVs) of amendments made to MAS Notice FHC-N126 on Enterprise Risk Management.

      To view the Circular, please click here.

      29 April 2024 – Notice FHC-N126 Enterprise Risk Management

      Requirements and guidelines on enterprise risk management for designated financial holding companies that have a subsidiary that is a licensed insurer incorporated, formed or established in Singapore (“DFHC (Licensed Insurer”)).

      To view the Notice, please click here.

      26 April 2024 – Notice SFA 04-N14 to All Holders of a Capital Markets Services Licence for Real Estate Investment Trust Management

      Requirements on REIT managers’ board and governance, and remuneration for key personnel.

      To view the Notice, please click here.

      22 April 2024 – MAS issues Prohibition Order against Mr Ong Ka Yong for Cheating

      The Monetary Authority of Singapore (MAS) has issued a 12-year prohibition order (PO) against Mr Ong Ka Yong, a former representative of Manulife Financial Advisers Pte. Ltd (Manulife). The PO was issued following Mr Ong’s conviction in the State Courts for cheating offences. His offences also gave MAS reason to believe that he will not perform financial advisory services honestly.

      To view the Enforcement Action, please click here.

      18 April 2024 – MAS issues Prohibition Orders against Mr Gng Hoon Hong for Dishonest Conduct

      The Monetary Authority of Singapore (MAS) has issued eight-year prohibition orders (POs) against Mr Gng Hoon Hong, a former representative of Prudential Assurance Company Singapore (Pte) Limited (Prudential). The POs were issued following Mr Gng’s conviction in the State Courts for criminal breach of trust offences. His offences also gave MAS reason to believe that he will not perform financial advisory services honestly.

      To view the Enforcement Action, please click here.

      02 April 2024 – 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.

      02 April 2024 – 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.

      02 April 2024 – PSN07 Notice on Conduct

      This Notice sets out the conduct requirements for all entities regulated under the Payment Services Act.

      To view the Notice, please click here.

      02 April 2024 – PSN08 Notice on Disclosures and Communications

      This Notice sets out the requirements for licensed and exempted payment services providers to provide certain disclosures to customers and potential customers.

      To view the Notice, please click here.

      02 April 2024 – PSN04 Notice on Submission of Regulatory Returns

      This Notice applies to all licensees, and sets out the periodic regulatory reporting of information related to the licensees’ payment services.

      To view the Notice, please click here.

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