Regulatory Compliance Updates August 2023 – APAC Region
31 August 2023 – Circular on ensuring effective detection of sanctions-related risks
This circular sets out additional guidance that Financial Institutions (FIs) should consider in order to ensure that they have robust processes in place to effectively detect and manage sanctions-related risks. Specifically, FIs should maintain strong Board and Senior Management oversight of sanctions-related risks.
To view the Circular, please click here.
30 August 2023 – Strengthening AML/CFT controls on risks of misuse of legal persons/arrangements and complex structures
This paper sets out classifications, case studies as well as supervisory expectations of effective AML/CFT controls to detect and mitigate risks associated with the misuse of legal persons/arrangements and complex structures. This paper follows on from MAS’ inspections of FIs and supplements the existing guidance on (a) Effective Practices to Detect and Mitigate the Risk from Misuse of Legal Persons; (b) Guidance for Effective AML/CFT Transaction Monitoring Controls; and (c) Effective Use of Data Analytics to Detect and Mitigate ML/TF Risks from the Misuse of Legal Persons.
To view the Paper, please click here.
24 August 2023 – 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, please click here.
21 August 2023 – FAQs on the Notice on Business Conduct Requirements for Corporate Finance Advisers
This document provides guidance on the regulatory scope and requirements of the Notice on Business Conduct Requirements for Corporate Finance Advisers.
To view the FAQs, please click here.
14 August 2023 – FAQs on Licensing and Business Conduct (Other than for Fund Management Companies)
This document provides guidance on the following:
- the scope of capital markets services licensing (other than for fund management companies)
- appointment of representatives
- business conduct rules
- the application of the SFA and SF(LCB)R to banks, merchant banks, finance companies and insurers.
To view the FAQs, please click here.