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Regulatory Update

Modernising Singapore’s Securities Infrastructure
19 March 2026
The Monetary Authority of Singapore (“MAS”) issued the Consultation Paper on Dematerialisation Regime for Shares of Listed Companies (P005-2026 - the “Dematerialisation Proposal”) and Regulatory Framework for Central Securities Depositories (P006-2026, the “CSD Proposal”). Taken together, these proposals are aimed at a fully electronic, paperless securities ecosystem, one that is more efficient, better protected, and future-ready for a tokenised financial economy. For a concise overview of how these proposals interlink and the key changes under consideration, please refer to our regulatory update here. 

Regulatory Update

MAS Proposes New Third-Party Risk Management Guidelines
06 March 2026
The Monetary Authority of Singapore (“MAS”) issued the ‘Consultation Paper on Proposed Guidelines on Third-Party Risk Management’ which signifies a comprehensive shift towards a more holistic and integrated approach to managing risks associated with external dependencies. The proposed guidelines will supersede existing MAS Outsourcing Guidelines, expanding expectations to all third-party arrangements due to increased reliance on external services and evolving risks. For further details on the proposal and potential impact it could have on the Financial Institutions, please click here. 

Regulatory Update

MAS Proposes Updates to Operational Risk Management Guidelines
06 March 2026
The Monetary Authority of Singapore (“MAS”) issued the Consultation Paper on Updated Guidelines on Operational Risk Management aimed at promoting effective operational risk management (“ORM”) amidst the increasing digitalisation of financial services, reliance on third party service providers, and heightened cyber threats. The proposal consults on the risk proportionate implementation, public disclosure requirements, change management and oversight over branches and subsidiaries. For further details on the proposal and potential operational impact it could have on the Financial Institutions, please click here. 

Regulatory Update

Updated Guide on the Tokenisation of Capital Market Products
14 November 2025 
The Monetary Authority of Singapore (“MAS”) issued its Guide on the Tokenisation of Capital Markets Products, replacing the former Digital Token Offerings guide (2020 version). The new Guide provides clarification on how existing securities and financial advisory requirements apply to tokenised capital markets products across their lifecycle, including issuance, trading, settlement, and custody. It also reinforces MAS’ technology-neutral stance, while setting out enhanced expectations in relation to licensing, disclosure, and AML/CFT controls. For a summary of the Guide, please click here. 

Regulatory Update

Consultation on Artificial Intelligence Risk Management​​
13 November 2025 
Given the wide range of Artificial Intelligence (“AI”) use cases and the varying risks depending on the scale, scope, and business models of the Financial Institutions (“FIs”), the Monetary Authority of Singapore (“MAS”) issued a consultation paper with proposed Guidelines on Artificial Intelligence Risk Management to support the responsible use in the financial sector. For a summary of the key proposals that may be implemented after the consultation, and which FIs should take note of due to their potential impact on business operations, please click here. 

Regulatory Update

Key Amendments to AML/CFT Notices and Guidelines for Financial Institutions and Variable Capital Companies​​
30 June 2025 
The Monetary Authority of Singapore (“MAS”) has finalised revisions to its Anti-Money Laundering and Countering the Financing of Terrorism  (“AML/CFT”) Notices and Guidelines post its April-May 2025 consultation. These amendments apply broadly across the financial sector, including banks, merchant banks, finance companies, payment service providers, direct life insurers and other insurers, capital markets intermediaries, financial advisers, the central depository, approved exchanges and recognised market operators, approved trustees, trust companies, non-bank credit and charge card licensees, digital token service providers, and Variable Capital Companies. For a summary of key amendments to the AML/CFT framework, effective 01 July 2025, please click here. 

Regulatory Update

Effective Control of Capital Markets Services Licensees​​
24 January 2025 
With the implementation of the relevant provisions under the Financial Institutions (Miscellaneous Amendments) Act 2024 (“FIMA”), the definition of effective controllers in subsection (6) of Section 97A of the Securities and Futures Act 2001 (“SFA”) has been updated with effect from 24 January 2025. In this regard, the Monetary Authority of Singapore (“MAS”) has also revised the computation examples in the application form for approval to obtain effective control of a Holder of a Capital Markets Services Licence. For more details, please refer to our regulatory update here.

Regulatory Update

Mitigating Conflicts of Interest – Fund Managers​​
10 December 2024 
The Monetary Authority of Singapore (“MAS”) revised the Guidelines on Licensing and Conduct of Business for Fund Management Companies [SFA 04-G05] to include examples of potential conflicts and best practices for fund managers. The revisions include non-exhaustive and non-prescriptive examples where conflicts can arise and the best practices fund managers can adopt. To view our regulatory update, please click here. 

Regulatory Update

Proposed Framework for Single Family Offices ("SFOs")​​
06 November 2024 
The Monetary Authority of Singapore (“MAS”) has proposed a framework for family offices in Singapore, strengthening compliance measures to prevent misuse while offering greater operational flexibility. The proposal, which includes enhanced Anti-Money Laundering/ Countering the Financing of Terrorism (“AML/CFT”) checks, underscores MAS's commitment to ensuring proper and stricter oversight. For more information on proposed framework, please access our regulatory update here.
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Regulatory Update

MAS Rolls Out New Circular on 'Establishing the Sources of Wealth'​​
26 July 2024 
The Monetary Authority of Singapore (“MAS”) issued a new guidance on Sources of Wealth (“SOW”) for all Financial Institutions (“FIs”). The circular elaborates on 3 risk principles to consider while designing procedures for SOW establishment, and guidance for the senior management. The circular also guided FIs not use a 'one-size-fits-all’ approach and asked for delays to be minimised. To access our regulatory update, please click here. 
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Regulatory Update

Fair Dealing Guidelines Expanded to All Financial Institutions​​
30 May 2024 
The Monetary Authority of Singapore (“MAS”) issued revised Guidelines on Fair Dealing [FSG-G04] (the “Guidelines”) aiming to enhance fair dealing standards and improve customer experiences with Financial Institutions (“FIs”). The Guidelines now apply to all FIs and set out the responsibilities of the Board and Senior Management in delivering five fair dealing outcomes to customers, key principles of fair dealing at various stages of a product’s life cycle or in the services rendered, and good and poor practices for each outcome. For more information on how to implement fair dealing outcomes to customers, please click here. 
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Regulatory Update

Consumer Protection Measures by DPT Service Providers​
02 April 2024 
The Monetary Authority of Singapore (“MAS”) issued Guidelines on Consumer Protection Measures by Digital Payment Token (“DPT”) Service Providers [PS-G03] which sets out implementation details relating to, among other things, the user protection requirements, as well as customer access and business conduct measures that DPT service providers are expected to implement. The guidelines will take effect on 4 October 2024. To view our regulatory update please click here. 
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Regulatory Update

Payment Services Act: Expanded Scope & Transitional Arrangements
03 April 2024 
The Monetary Authority of Singapore (“MAS”) announced significant updates to the Payment Services Act (“PS Act”) and related subsidiary legislation, aimed at broadening the range of payment services under its regulatory purview. The updated scope will take effect in stages from April 4, 2024. To learn more about transitional arrangements for entities currently engaged in activities under the expanded scope, or unlicensed entities affected by the expanded regulatory activities, please click here. ​

Regulatory Update

Transitioning from RFMC to A/I LFMC: Proposed Arrangements
28 March 2024
The Monetary Authority of Singapore (“MAS”) has responded to its 2023 consultation paper and outlined the proposed transitional arrangements for existing Registered Fund Management Companies (“RFMCs”) intending to continue operating fund management businesses post-repeal of the RFMC regulatory regime. For more information on the transitional arrangements and filing requirements, please click here. ​

Regulatory Update

Regulatory Update

Mandatory Requirement for Financial Institutions to Conduct and Respond to Reference Checks
12 December 2023  
On December 12, 2023, the Monetary Authority of Singapore ("MAS") released its responses to public feedback received during its 2021 consultation on proposed regulations requiring financial institutions ("FIs") to conduct compulsory reference checks on potential employees. The regulatory update summarises the key aspects of the MAS policy stance, which will be implemented through Notice in the near future.  To view the update, please click here. ​

Regulatory Update

Consultation Paper on Repeal of Regulatory Regime for Registered Fund Management Companies
24 October 2023 
The Monetary Authority of Singapore (“MAS”) initiated a public consultation to streamline the regulatory framework for fund managers. The MAS has proposed transitional arrangements for existing Registered Fund Management Companies (“RFMCs”) that intend to continue operating fund management businesses following the repeal of the regulatory regime for RFMCs. For more information please click here.

Regulatory Update

Exemption Frameworks and AI Opt-In Requirement for Cross-Border Arrangements
September 2023 
The Monetary Authority of Singapore (“MAS”) has implemented exemption frameworks for cross-border business arrangements involving Foreign Related Corporations (“FRCs”) and Foreign Offices (“FOs”) of capital markets intermediaries. These frameworks include an Accredited Investor (“AI”) opt-in requirement under the Securities and Futures (Classes of Investors) Regulations 2018, which will apply to customers served under the exemption frameworks starting from October 9, 2023. For more details on the opt-in requirement, please refer to the link here.

Regulatory Update

Strengthening AML/CFT Controls and Practices to Detect and Mitigate Risks of Misuse Legal Persons / Arrangements and Complex Structures
30 August 2023 
The Monetary Authority of Singapore (“MAS”) published a paper setting typologies and supervisory expectations to uphold strong Anti-Money Laundering and Countering the Financing of Terrorism (“AML/CFT”) controls. These inspections were prompted by MAS’ surveillance efforts, which identified several Financial Institutions (“FIs”) involved in potentially concerning fund flows through legal entities and complex structures. The paper sets out typologies and case studies observed by MAS during its inspections of FIs, and its supervisory expectations to ensure robust AML/CFT controls. FIs are encouraged to review the document which can be accessed here to obtain deeper insights into MAS's requirements for establishing and maintaining strong AML/CFT controls.

Regulatory Update

Exploring Best Practices in Managing ML, TF, and Sanctions Risks in Customer Relationships Linked to Digital Assets: Insights from Industry Perspectives​
11 July 2023
On 11 July 2023 the Monetary Authority of Singapore ("MAS") published a paper produced by the ACIP working group on Digital Assets Risk Management, which provides Financial Institutions (“FIs”) with a foundational framework to advance understanding and management of Money Laundering (“ML”), Terrorism Financing (“TF”) and sanctions risks arising from customer relationships with nexus to digital assets in the Singapore context. The paper also highlights “red flags” and best practices that FIs could adopt to identify, manage and mitigate the associated ML, TF and sanctions risks. To access the summary, please click here.

Regulatory Update

MAS Consults on Regulatory Measures for Digital Payment Token Services and Stablecoin Issuers
26 October 2022
The Monetary Authority of Singapore ("MAS") published two consultation papers on 26 October 2022, outlining proposed regulatory measures to reduce the risk of consumer harm from trading in digital payment tokens ("DPTs") and to encourage the development of stablecoins as a credible medium of exchange in the digital asset ecosystem. The changes will be incorporated into the Payment Services Act. A summary of the consultation papers may be found here.

Regulatory Update

MAS’ Supervisory Expectations for Effective AML/CFT Frameworks for External Asset Managers
24 August 2022
The Monetary Authority of Singapore ("MAS") issued an Information Paper on enhancing anti-money laundering and counter-terrorism financing ("AML/CFT") policies for External Asset Managers ("EAMs") on 24 August 2022. The Information Paper covered the following five main topics: a) governance; b) risk assessment frameworks; c) customer due diligence ("CDD"); d) enhanced CDD; and e) suspicious transaction reporting. The information paper suggests that EAMs have a lot of space to strengthen their AML/CFT regimes. Given their inherent sensitivity to ML/TF risks when engaging with consumers, EAMs are expected to continue to seek to improve their AML/CFT frameworks. A summary of the MAS information paper is available here.

Regulatory Update
02 August 2022
The revised guidelines set out the need for Financial Institutions (“FIs”) to take an end-to-end service-centric view in ensuring the continuous delivery of critical business services to their customers. The guidelines supersedes the previous version that was published in June 2003, as well as the circular titled “Further Guidance on BCM” that was issued in January 2006. FIs should meet the new Guidelines and establish a BCM audit plan by 6 June 2023, and conduct the first BCM audit by 6 June 2024. Review our summary here​.

Regulatory Update

New Exemption Regimes for Cross-Border Business Arrangements Under the Securities and Futures Act (“SFA”) and the Financial Advisers Act (“FAA”)
09 October 2021
With effect from 9 October 2021, the Monetary Authority of Singapore ("MAS") has replaced the ad hoc approval regime under paragraph 9 of the Third Schedule to the SFA and paragraph 11 of the First Schedule to the FAA for cross-border business arrangements between certain specified financial institutions ("Specified FIs") and their foreign related corporations ("FRCs") with an automatic exemption regime (the “FRC Framework”).
Along with the FRC Structure, MAS has implemented a similar exemption framework for cross-border commercial transactions between Singapore and overseas branches of a Specified FI (the "Branch Framework"). The summary here provides an overview of the essential aspects of the FRC Framework and the Branch Framework (collectively, the “Exemption Framework”). 

Regulatory Update
29 October 2019
In anticipation of the implementation of the Payment Services Act , the Monetary Authority of Singapore on 4 October 2019 released a series of frequently asked questions relating to the PSA. These FAQs were meant to provide guidance on, amongst other things, the licensing and regulation of payment service providers, and oversight of payment systems. This bulletin summarizes the key takeaways from the FAQs.

Regulatory Update
18 October 2019
The Financial Action Task Force (the "FATF") has issued revised international guidance gearing up for the upcoming round of Mutual Evaluations for FATF members. The Guidance updates a 2009 set of guidelines aimed at Trust and Company Services Providers ("TCSPs") to identify, assess, and understand their money-laundering and terrorism financing risks.
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Regulatory Update

Regulatory Update
24 September 2019
The Monetary Authority of Singapore ("MAS") has issued a consultation paper (“CP”) on two anti-money laundering and countering the financing of terrorism (“AML/CFT”) notices under the new PSA as it gears up to the implementation of the new payment services regime. The new regulatory framework for payment services is intended to provide a more conducive environment for innovation in payment services. Consistent with this intent, the proposed AML/CFT requirements will be similar to the existing ones, while dialing up requirements for certain payment services of perceived higher risk.
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5 August 2019
The Monetary Authority of Singapore ("MAS") has issued a consultation paper (“CP”) on two anti-money laundering and countering the financing of terrorism (“AML/CFT”) notices under the new PSA as it gears up to the implementation of the new payment services regime. The new regulatory framework for payment services is intended to provide a more conducive environment for innovation in payment services. Consistent with this intent, the proposed AML/CFT requirements will be similar to the existing ones, while dialing up requirements for certain payment services of perceived higher risk.
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