Regulatory Updates April 2022
28 April 2022 – Strengthening AML/CFT name screening practices
MAS conducted thematic inspections on the AML/CFT name screening frameworks and processes of selected financial institutions in 2021. The paper sets out MAS’ supervisory expectations and good practices, areas for improvement, and illustrative examples observed from the inspections. Financial institutions should benchmark themselves against the supervisory expectations and good practices in the paper.
To view the paper, please click here.
27 April 2022 – Enforcement
MAS released a paper which outlines the approach that it takes towards enforcement, the role that enforcement plays in the wider objective of financial industry oversight and the key areas of MAS’ enforcement practice and powers across the financial industry.
To view the paper, please click here.
25 April 2022 – MAS takes civil penalty action and issues prohibition orders against two former trading representatives for false trading
On 25 April 2022, The Monetary Authority of Singapore (MAS) imposed civil penalties on, and issued prohibition orders (POs) against two former trading representatives, Ms Ngin Kim Choo and Mr Yeo Jin Lui, for false trading. Both executed a client’s instructions to purchase KS Energy Ltd (KSE) shares for the purpose of creating a false or misleading appearance with respect to the price of KSE shares.
To view the news, please click here.
20 April 2022 – 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 updated Notice SFA 04-N02, please click here.
19 April 2022 – Consultation on revised Notices on misconduct reporting requirements under the Financial Advisers Act, Insurance Act and Securities and Futures Act
On 6 July 2018, The Monetary Authority of Singapore (MAS) issued a consultation paper to seek feedback on proposed changes to the misconduct reporting requirements (the “Consultation Paper”). MAS published its response to the Consultation Paper on 14 May 2021.
MAS is now consulting on the legal amendments to the FAA Notice, IA Notice and SFA Notice (henceforth collectively referred to as the “Revised Notices”) to implement changes to the misconduct reporting requirements. This consultation seeks views on the revised notices on misconduct reporting requirements.
MAS invites interested parties to provide their feedback on the Revised Notices.
To view the consultation paper, please click here.
08 April 2022 – Form 23A – Notice of change of particulars for a registered fund management company or a venture capital fund manager
A form for registered fund management companies and venture capital fund managers to notify MAS of changes to their particulars and particulars of their directors, representatives, relevant professionals or shareholders. This form must be submitted within 14 days after the date of the change.
To view Form 23A, please click here.
Waystone Compliance Solutions updates
Click here to read our article on MAS’ paper on strengthening AML/CFT name screening practices.
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