The Monetary Authority of Singapore (MAS) imposed civil penalties on five individuals—Mr. Aw Yong Leon Heng, Mr. Neo Say Hwee, Mr. Chang Bing Quan Daryl, Mr. Cheng Jia Hong, and Mr. Tan Keng Cheng for engaging in false trading and unauthorised use of trading accounts. Their actions were carried out with Mr. Lim Tiong Hian […]
MAS Imposes Civil Penalties for False and Unauthorised Trading Read More »
MAS has set out guidance and highlights the good practices to enhance the effectiveness of financial institutions’ (FIs’) Anti-Money Laundering/Counter Financing Terrorism (“AML/CFT”) audit to provide an independent and regular assessment of the effectiveness of their AML/CFT policies, procedures and controls, and compliance with MAS’ requirements. The Company should take the guidance of the given
Anti Money Laundering & Countering Financing Terrorism Audit Read More »
As per the state Court of Singapore Mr. Pan was engaged in a business that operated as fraud under the Securities and Futures Act. Mr. Qi is prohibited from doing: – Any regulated activity Taking part in the management Acting as a director Mr. Qi cannot become a substantial shareholder of any financial advisory firm
Prohibition Order passed by MAS against Mr Pan Qi for dishonest conduct Read More »
MAS has observed the following breaches: –• Mr. Chong was not performing the financial advisory and capital markets services honestly. Mr. Chong is prohibited from doing: –• Any financial advisory service • Taking part in the management• Acting as a directorMr. Chong cannot become a substantial shareholder of any financial advisory firm under the Financial
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
Understanding the Fair Dealing Guidelines Read More »
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
BCM Audit – Deadline by June 2024 Read More »
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
Repeal of RFMCs and Transition to CMS license Read More »
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 »
