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...

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,...

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...

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...

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...

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...