APAC Regulatory Updates March 2022
This APAC regulatory update covers the following areas:
- Consultation Paper on Draft Public Disclosure Requirements for Regulatory Capital
- Publication of Best Practice Papers by the ICCSC
- March 2022 FATF Statement
- MAS issues Prohibition Orders against Mr Loh Thim Mun Marcus for fraudulent and dishonest conduct
- Singapore Issues Sanctions & Restrictions Against Russia
- MAS Issues New Sanctions in Relation to Russia
- Consultation Paper on Proposed New AML/CFT Notice for Precious Stones & Precious Metals Activities and Updates to AML/CFT Notices
Consultation Paper on Draft Public Disclosure Requirements for Regulatory Capital – 30 March 2022
The Monetary Authority of Singapore (MAS) is seeking feedback on draft public disclosure requirements for regulatory capital for Singapore-incorporated banks.
To view the consultation paper, visit the MAS website.
ID 03/22 Publication of Best Practice Papers by the Insurance Culture and Conduct Steering Committee (ICCSC) – 22 March 2022
The ICCSC paper informs all licensed insurers, licensed financial advisors, and registered insurance brokers of the publication of best practice papers by the ICCSC and encourages all insurers and insurance intermediaries to study the papers and adopt the best practices and recommendations as appropriate.
March 2022 FATF Statement – 18 March 2022
The FATF has continued to pause the review process for the list of ‘High-Risk Jurisdictions’ subject to a Call for Action[1]. As such, FIs should continue to refer to the previous Statement issued in February 2020, which highlights the strategic deficiencies in the anti-money laundering/combating the financing of terrorism (AML/CFT) regimes of the Democratic People’s Republic of Korea (DPRK) and Iran. While the statement may not reflect the most recent status in DPRK and Iran, due to the pause in the review process, the FATF’s call for action on these high-risk jurisdictions remains in effect. View the 2022 FATF Statement to learn more.
MAS issues Prohibition Orders against Mr Loh Thim Mun Marcus for fraudulent and dishonest conduct – 18 March 2022
The Monetary Authority of Singapore (MAS) has issued ten-year prohibition orders (POs) against Mr Loh Thim Mun Marcus, a former wealth planning manager with DBS Bank Pte Ltd (DBS). The POs, which took effect on 16 March 2022, were issued following his convictions in the State Courts for offences involving fraud or dishonesty, namely cheating, forgery and using the benefits of his criminal conduct.
Singapore Issues Sanctions and Restrictions Against Russia – 05 March 2022
The Ministry of Foreign Affairs Singapore released details of Singapore’s new sanctions against Russia in response to the invasion into Ukraine.
MAS Issues New Sanctions in Relation to Russia – 05 March 2022
The Ministry of Foreign Affairs Singapore released details of Singapore’s new sanctions against Russia in response to the invasion of Ukraine. Subsequently, the MAS issued notices to financial institutions setting out financial measures in relation to Russia.
Consultation Paper on Proposed New AML/CFT Notice for Precious Stones and Precious Metals Activities and Updates to AML/CFT Notices – 01 March 2022
This consultation paper seeks views on MAS’ proposals to issue a new AML/CFT Notice for financial institutions in the conduct of their operations and business activities in precious stones, precious metals and precious products, as well as to update MAS’ existing AML/CFT Notices.
If you are unsure of how these APAC regulatory updates will impact your business, contact the team at Waystone Compliance Solutions to learn more about our APAC Compliance Solutions.