Regulatory Compliance Updates May 2022 – APAC Region
31 May 2022 – Information papers on environmental risk management
The information papers on environmental risk management for banks, insurers and asset managers provide an overview of the progress made in implementing the MAS Guidelines on Environmental Risk Management.
To view the information paper, please click here.
26 May 2022 – Guidelines for operation of wholesale banks
Guidelines on the permitted activities and restrictions for wholesale banks.
To view the guidelines, please click here.
23 May 2022 – MAS issues Prohibition Order against Ms Nancy Tan following conviction for dealing in securities without a licence
The Monetary Authority of Singapore (MAS) has issued an eight-year prohibition order (PO) against Ms Nancy Tan Mee Khim, following her conviction for consenting to Noble Consulting Group Pte Ltd (Noble) carrying on a business of dealing in securities without holding a capital markets services licence under the Securities and Futures Act 2001 (SFA).
To view the news, please click here.
19 May 2022 – Insurance agents charged for obstructing the course of justice, falsification of records and providing false information to MAS
Ms Yuen Pui Leng Eunice and Ms Tan Zhen Zhi, Grace, insurance agents of Prudential Assurance Company Singapore (Pte) Ltd (PACS), were charged for offences under the Financial Advisers Act (FAA). Ms Yuen was further charged for an offence under the Penal Code (PC).
To view the news, please click here.
19 May 2022 – CMI 13/2021 reporting of significant redemption, gating and suspension of funds
This circular sets out the reporting requirements for significant redemption, gating and suspension of funds by licensed and registered fund management companies.
To view the circular, please click here.
13 May 2022 – Notice 635 unsecured credit facilities to individuals
Requirements for banks when granting an unsecured non-card credit facility to an individual.
To view the updated notice, please click here.
11 May 2022 – MAS imposes civil penalty of $100,000 on Mdm Tan Su Lan for false trading
The Monetary Authority of Singapore (MAS) has imposed a civil penalty of $100,000 on Mdm Tan Su Lan for false trading in the shares of Aspial Corporation Limited (ACL) and Far East Orchard Limited (FEOL).
To view the news, please click here.
05 May 2022 – Masterminds behind the 2013 penny stocks crash convicted on multiple charges of market manipulation and cheating of financial institutions
On 5 May 2022, Mr Soh Chee Wen (also known as John Soh), and Ms Quah Su-Ling (Quah) were convicted by the High Court for market manipulation and cheating offences involving an elaborate scheme to manipulate the shares of Blumont Group Ltd (Blumont), Asiasons Capital Ltd (Asiasons) and LionGold Corp Ltd (LionGold). Their conviction follows a trial of close to 200 days. Mr Soh and Ms Quah were convicted of a total of 180 and 169 charges respectively.
To view the news, please click here.
Waystone Compliance Solutions Updates
Join our training on “Introduction to MAS Regulations for Payment Services Providers in Singapore” scheduled for 28 June 2022. Click here to register.
Click here to read our article on the MAS consultation on revised misconduct reporting for financial institutions.
Click here to read about MAS’ update on major investigations and enforcement outcomes.
To learn more about our APAC Compliance services, get in touch with a Waystone Compliance Solutions representative today.