Regulatory Compliance Updates February 2024 – APAC Region
28 February 2024 – Guidelines on the Online Distribution of Life Policies with No Advice [FAA-G15]
These guidelines apply to all licensed financial advisers and exempt financial advisers. They set out the safeguards that financial advisers should put in place when distributing life policies online without advice which include:
- offer of equivalent Direct Purchase Insurance products (DPI)
- provision of key information
- provision of tools and calculators
- handling of queries, complaints and claims.
To view the Guidelines, please click here.
26 February 2024 – Compliance Toolkit for Approvals, Notifications and Other Regulatory Submissions to MAS for Direct Insurers and Reinsurers
This Compliance Toolkit is designed to guide and facilitate direct insurers’ and reinsurers’ compliance with the various MAS approval and reporting requirements and timelines.
To view the Toolkit, please click here.
26 February 2024 – Compliance Toolkit for Approvals, Notifications and Other Regulatory Submissions to MAS for Special Purpose Reinsurance Vehicles
This Compliance Toolkit is designed to guide and facilitate special purpose reinsurance vehicles’ compliance with the various MAS approval and reporting requirements and timelines.
To view the Toolkit, please click here.
26 February 2024 – Compliance Toolkit for Approvals, Notifications and Other Regulatory Submissions to MAS for Captive Insurers
This Compliance Toolkit is designed to guide and facilitate captive insurers’ compliance with the various MAS approval and reporting requirements and timelines.
To view the Toolkit, please click here.
23 February 2024 – Two Investigated for Suspected Fraudulent Trading and Suspected Failure to Comply with Obligations as a Licensed Payment Services Provider
On 23 February 2024, the Police and Monetary Authority of Singapore (“MAS”) jointly commenced investigations into a 43-year-old woman and 34-year-old man, who are the Director and Compliance Manager of Samlit Moneychanger Pte. Ltd. (“Samlit”) respectively, for their suspected involvement in Samlit carrying on a business for a fraudulent purpose and suspected failure to comply with various obligations as a licensed payment services provider.
To view the Enforcement Action, please click here.
23 February 2024 – Guidelines on Licensing, Registration and Conduct of Business for Fund Management Companies [SFA 04-G05]
These guidelines set out the eligibility criteria and application procedures for licensed fund management companies (LFMCs), venture capital fund managers (VCFMs), and registered fund management companies (RFMCs).
They also set out the ongoing business conduct requirements for LFMCs, VCFMs and RFMCs, including requirements relating to custody, valuation and reporting, conflicts of interest mitigation, disclosure and submission of periodic returns.
To view the Guidelines, please click here.
21 February 2024 – Good Practices for Auditors of Fund Management Companies
Auditors are a key stakeholder in promoting strong internal controls, risk management practices and business conduct by fund management companies (“FMCs”). This infographic sets out good practices for auditors to adopt.
Third parties providing regulatory and compliance services to FMCs should also take note of these baseline expectations of MAS.
To view the infographic, please click here.
20 February 2024 – MAS/TCRS/2024/01: Advisory on Addressing the Cybersecurity Risks Associated with Quantum
This advisory outlines cyber security risks arising from developments in quantum computing and highlights mitigating measures that financial institutions should consider.
To view the advisory, please click here.
06 February 2024 – Notice PSN05 Technology Risk Management
This Notice, issued under the Payment Services Act 2019 sets out the requirements on technology risk management.
To view the Notice, please click here.
10 January 2024 – ID 01/24 Amendments to Guidelines on Risk Management Practices for Insurance Business – Core Activities and Guidelines on Risk Management Practices for Insurance Business – Insurance Fraud Risk
This document informs insurers on the issuance of the revised Guidelines on Risk Management Practices for Insurance Business – Core Activities and revised Guidelines on Risk Management Practices for Insurance Business – Insurance Fraud Risk.
To view the Amendments, please click here.
10 January 2024 – Guidelines on Risk Management Practices for Insurance Business – Core Activities
These Guidelines set out sound practices for carrying out insurance business and principles relating to risk management framework.
These guidelines apply to all insurers. They set out:
- sound practices in carrying out insurance business, covering core activities such as product development, pricing, underwriting, claims handling and reinsurance management
- principles that should be embedded in a risk management framework.
To view the Guidelines, please click here.
10 January 2024 – Guidelines on Risk Management Practices for Insurance Business – Insurance Fraud Risk
Guidelines on risk management practices to mitigate insurance fraud risk.
These guidelines apply to all insurers. They set out:
- risk management practices to identify and mitigate insurers’ exposure to the risk of insurance fraud.
- principles that should be embedded in a risk management framework.
To view the Guidelines, please click here.
10 January 2024 – ID 02/24 Publication of Best Practice Paper by the Insurance Culture and Conduct Steering Committee (ICCSC)
This paper informs direct insurers and insurance brokers of ICCSC’s publication of a best practice paper on promoting ethical culture and conduct in general insurance intermediaries.
To view the Circular, please click here.