Understanding the Fair Dealing Guidelines The Monetary Authority of Singapore (MAS) has recently updated its Fair Dealing Guidelines, effective from May 30, 2024. The Fair Dealing Guidelines are a set of principles aimed at promoting fairness in the financial industry. The Board of Directors and Senior Management of financial institutions play pivotal roles in establishing […]
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BCM Audit – Deadline by June 2024 The Monetary Authority of Singapore (MAS) has published a revised Business Continuity Management (BCM) Guidelines on June 6, 2022. All the financial institutions must comply with the new guidelines, create a plan for a BCM audit within a year of issuance, and conduct a BCM audit by June
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Repeal of RFMCs and Transition to CMS license The Monetary Authority of Singapore (MAS) has proposed to repeal RFMCs (Registered Fund Management Companies) and transition to CMS (Capital Markets Services) licenses as part of regulatory changes in the financial sector. The transition aimed to streamline regulatory processes, enhance market supervision, and promote greater efficiency and
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BCM Audit 2024 MAS is concerned about the stability of licensed/ registered entities (“entities”) and the overall financial system, requiring them to implement controls to minimize operational disruptions, identify potential failure points early, and eliminate them where possible. An effective Business Continuity Management (BCM) framework is essential to minimize the impact of operational disruptions on
Recently, ICBC Financial Services, experienced a ransomware attack “that resulted in disruption to certain” systems. The cyber experts have said the ransomware used is called LockBit 3.0
ICBC Ransomware attack – Cyber Hygiene the only defence. Read More »
MAS issued Revised Guidelines on licensing, registration and conduct of business for Fund Management Companies on 29 Nov 2023.
MAS issued Revised Guidelines Read More »
February 2023 FATF statement The Financial Action Task Force (FATF) has continued to pause the review process for the Democratic People’s Republic of Korea (DPRK) and Iran in light of the COVID-19 pandemic and given that the DPRK and Iran are already in the list of “High-Risk Jurisdictions subject to a Call for Action”. As
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