In March 2026, the Monetary Authority of Singapore (MAS) issued prohibition orders under the Financial Services and Markets Act 2022 (FSMA) against two former bank relationship managers, Mr Wang Qiming and Mr Liu Kai, following their convictions in connection with Singapore’s money laundering case of August 2023 involving approximately S$3 billion in illicit assets. This […]
MAS issued Revised Guidelines on Licensing and Conduct of Business for Fund Management Companies on 03 September 2025. Effective 1 July 2025 Introduction The Monetary Authority of Singapore (MAS) has issued the updated Guidelines to MAS Notice SFA04-N02 on the Prevention of Money Laundering and Countering the Financing of Terrorism, effective 1 July 2025. These
MAS issued Revised Guidelines on Licensing and Conduct of Business for Fund Management Companies on 03 September 2025. Difference in Old & Amended Guidelines are presented here in tabular form: Old Guidelines (13 Jan 2025) Amended Guidelines (3 Sep 2025) 2.3 Managed Assets: In determining the value of the assets being managed, an FMC should
June 2025 FATF Statement The Financial Action Task Force (FATF) has issued its latest update on countries with serious anti-money laundering and countering the financing of terrorism (AML/CFT) deficiencies. The Democratic People’s Republic of Korea (DPRK) and Iran remain on FATF’s list of “High-Risk Jurisdictions and subject to Call for Action” and are subject to
June 2025 FATF Statement Read More »
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
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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
BCM Audit – Deadline by June 2024 Read More »
