Regulations, guidance and licensing for payment service providers and systems. For insurance companies and insurance brokers, including licensed insurers, authorised reinsurers and registered insurance brokers. The Monetary Authority of Singapore (Abbreviation: MAS) is the central bank and financial regulatory authority of Singapore. Monetary Authority of Singapore Proposes Stricter Identity Verification Requirements By Latham & Watkins LLP on December 7, 2020 Posted in Regulatory Reform. Find a financial institution, licence or activity in Singapore. On 10 April 2019, the Monetary Authority of Singapore issued a consultation paper on the Proposed Payment Services Regulations. S 367/2009), revoked by these Regulations. Get notified whenever news and updates are posted on this website. The Monetary Authority of Singapore, as part of its ongoing responsibility for overseeing the country’s financial industry, has put in place a comprehensive listing of IT and security standards, which help financial institutions protect data, manage risk, and safeguard … MAS establishes rules for financial institutions which are implemented through legislation, regulations, directions and notices. T: (+65) 6225 5577 F: (+65) 6229 9229 E: webmaster@mas.gov.sg RAVI MENON While in Singapore we also participated in a great evening hosted by our partners Simmons & Simmons on the future of innovation and regulation. For capital markets entities, including fund managers, REIT managers, corporate finance advisers, trustees, dealers, credit rating agencies and financial advisers. Singapore Asia’s crypto and blockchain hub has provided them with a very friendly environment to operate. 339), the Minister is empowered to make regulations to implement UNSCR. The Monetary Authority of Singapore (MAS) published Technology Risk Management (TRM) Guidelines to help financial firms establish sound technology risk management, strengthen system security, and safeguard sensitive data and transactions. Read more about the measures by the MAS, Association of Banks in Singapore, the Life Insurance Association, the General Insurance Association and the Finance Houses Association of Singapore to help individuals and SMEs affected by the COVID-19 pandemic. Monetary Authority of Singapore (Sanctions and Freezing of Assets of Persons — Somalia) Regulations 2010 In exercise of the powers conferred by section 27A(1)( b ) of the Monetary Authority of Singapore Act, the Monetary Authority of Singapore hereby makes the following Regulations: The Monetary Authority of Singapore (MAS) announced today the appointment of Mr Leong Sing Chiong as Deputy Managing Director (Markets & Development). Find out MAS’ strategies and guidance for financial institutions to achieve cyber resilience. Several of the case studies highlight how the Monetary Authority of Singapore (MAS) applies RegTech to flag suspicious activity that could be criminal. Get notified whenever news and updates are posted on this website. Technological innovation and advancement are rapidly transforming the financial sector. Get notified whenever news and updates are posted on this website. No. MAS is the integrated regulator and supervisor of financial institutions in Singapore. The Monetary Authority of Singapore (Abbreviation: MAS) is the central bank and financial regulatory authority of Singapore. Requirements for supervision of market participants by Recognised Market Operators. Find out about the regulations, updates and licensing for insurers and insurance brokers in Singapore. In exercise of the powers conferred by section 27A(1)(b) of the Monetary Authority of Singapore Act, the Monetary Authority of Singapore hereby makes the following Regulations: Citation and commencement: 1. In Singapore, mobile phone recording requirements are being implemented by the Monetary Authority of Singapore (MAS) and the Singapore Exchange (SGX). The proposal would require financial institutions to use certain categories of information for non-face-to-face verification before undertaking transactions or requests. Find out about MAS' regime to combat financial crime. How are organizations using RegTech? 1 You may read our previous alerts on the features of the version of the Payment Services Bill released for public consultation, and the subsequent updating notes describing the changes after the MAS issued its response to the … ... Monetary Authority: Assets and Liabilities ... Monetary Authority of Singapore Subscribe to Updates. Singapore: Monetary Authority of Singapore Consults on Proposed Payment Services Regulations. The final guidelines follow the release of three separate consultation papers in June, … Several of the case studies highlight how the Monetary Authority of Singapore (MAS) applies RegTech to flag suspicious activity that could be criminal. Concluding Note. In line with this, the Monetary Authority of Singapore (MAS) has proposed several new crypto regulations. Under the United Nations Act (Cap. Guidelines have also been formulated to encourage best practices among financial institutions. The Securities Industry Council administers and enforces the Take-over Code and has powers under the law to investigate any dealing in securities that … Regulation Overview. Contact Us; Sets out general provisions applicable for insurers such as annual fees, compoundable offences, and free look for life policies, and accident and health policies. It administers the various statutes pertaining to money, banking, insurance, securities and the financial sector in general, as well as currency issuance.It was established in 1971 to act as the Singapore Government's banker. Made on 26 October 2018. (4) To avoid doubt, paragraph (3)(b) applies to all financial assets or resources, or other assets or resources that are frozen pursuant to regulation 7(3) of the Monetary Authority of Singapore (Sanctions — Democratic People’s Republic of Korea) Regulations 2009 (G.N. In Singapore, mobile phone recording requirements are being implemented by the Monetary Authority of Singapore (MAS) and the Singapore Exchange (SGX). A recent report by the Financial Stability Board (FSB) outlined a mix of regulatory issues, as well as the RegTech and supervisory technology (SupTech) tools to aid in ensuring compliance. To help companies comply with the MAS and SGX archiving regulations , the MAS released the Singapore Guide to Conduct & Market Practices for the Wholesale Financial Markets. 22-09-2013:-The Monetary Authority of Singapore issues warnings to the general public regarding the risks involved in trading with cryptocurrencies. Regulations, guidance and licensing for payment service providers and systems. These regulations will apply to non-financial institutions and individuals. Get notified whenever news and updates are posted on this website. All rates are obtained, with permission, from Refinitiv and disseminated to the public for information and could differ from those quoted by foreign exchange dealers. Access regulations, updates and licensing information, Regulations, guidance and licensing for deposit-taking institutions, Regulations, guidance and licensing for capital market entities, Regulations, guidance and licensing for insurers, Regulations, guidance and licensing for payment service providers and systems, Information on MAS’ approach, strategies and efforts in these key areas, MAS’ approach to supervision and the instruments under the Acts it administers, Find out about MAS’ strategies to develop and support the financial sector, Discover what makes Singapore a leading global financial centre, Find out how MAS is co-creating a Smart Financial Centre, Latest information on MAS’ FinTech strategy, initiatives and funding schemes, Get funding on proof-of-concepts, hiring, business development and more, Sandbox relaxes regulatory requirements to enable live experiments of innovation, Various payment initiatives including SGQR, FAST and PayNow, World’s first open architecture platform for FIs to discover FinTechs and deploy solutions, The GTCN is a cross-border DLT project to digitalise trade and trade finance, Industry collaboration that explores blockchain’s usage for Central Bank Digital Currency, World’s largest festival for the FinTech community to connect, collaborate and co-create, Fast track intellectual property protection through various initiatives, A collaborative AI-driven global solutions hub to foster SME digitalisation, Find out about the opportunities and plans that MAS has to grow your business areas, Read about the support that is available for your business operations, Find out how MAS and our partners build a pipeline of financial professionals and leaders, Read about MAS’ monetary policy framework, central bank operations and related information, Get information on SSB, SGS Bonds, T-bills, MAS Bills and MAS FRN, Discover more about the Singapore’s currency, Access the various consultations, monographs, macroeconomic reviews and other publications, View data on Singapore’s financial sector, reserves statistics, exchange rates and others, Get the latest news, speeches, updates and announcements, Find out about working in MAS and the various opportunities that are available. MAS has announced a $125 Million support package for the financial and FinTech sectors to deal with the immediate challenges from COVID-19 and position strongly for the recovery and future growth. Monetary Authority of Singapore (MAS) announced on June 28, 2019, that it would issue up to two digital full bank (DFB) licenses and three digital … See All Financial Institutions. S 275/2016. Learn about MAS' approach to enforcement and view the list of enforcement actions taken by MAS for breaches of laws and regulations. View the regulations and licensing requirements for your sector. Monetary Authority of Singapore (Sanctions and Freezing of Assets of Persons — Democratic People’s Republic of Korea) Regulations 2016. Monetary Authority of Singapore (Control of Financial Institutions) Regulations 2018 In exercise of the powers conferred by section 41 of the Monetary Authority of Singapore Act, the Monetary Authority of Singapore makes the following Regulations: Combined with close supervision, these instruments help MAS achieve the outcome of a sound and progressive financial services sector. Contact Us; The Monetary Authority of Singapore ( MAS ), Singapore's financial regulatory body, believes in regulating the cryptocurrency ecosystem to monitor any risks associated with crypto activities, such as money laundering and terrorist financing, while also ensuring that it … All Licence Type/Status For payment service providers and payment systems, including clearing and settlement systems. The new bill— which has yet to see approval— aims to provide a flexible framework for payment systems and payment service providers throughout Singapore. MAS (Monetary Authority of Singapore) has issued its final guidelines on environmental risk management for banks, asset managers and insurers. These Regulations may be cited as the Monetary Authority of Singapore (Freezing of Assets of Persons — Democratic Republic of the Congo) Regulations 2006 and shall come into operation on … The Monetary Authority of Singapore, as part of its ongoing responsibility for overseeing the country’s financial industry, has put in place a comprehensive listing of IT and security standards, which help financial institutions protect data, manage risk, and safeguard … Risk management principles and best practice standards to guide financial institutions in managing technology risk. Latest Monetary Authority of Singapore (MAS) articles on Central Banks Policy, Regulation, Markets & Institutions. S 235/2013) are revoked. The Monetary Authority of Singapore (MAS), the nation’s central bank and financial regulator, is encouraging the country’s residents to use e-hong baos, which are monetary … Supervisory Approach and Regulatory Instruments, Lists of Designated Individuals and Entities, Grants for Smaller Financial Institutions, Recent Economic Developments in Singapore, Singapore Overnight Rate Average (SORA) Interest Rate Benchmark, Singapore Government Securities (SGS) Bonds, Investing in Singapore Government Securities (SGS) Bonds, Investing in Singapore Savings Bonds (SSB), Brunei-Singapore Currency Interchangeability Agreement, Reproduction of Singapore Currency Images, Money and Banking Monthly Statistical Bulletin, Financial Sector Development Fund Annual Report, Monetary Authority: Assets and Liabilities, International Reserves/Foreign Currency Liquidity, Interest Rates of Banks and Finance Companies, View a list of Application Programming Interfaces (APIs), Opportunities for Mid-Career Professionals. The Singapore Government Securities (SGS) website provides individual investors a general overview of the SGS market. ... Monetary Authority: Assets and Liabilities 2. Access regulations, updates and licensing information, Regulations, guidance and licensing for deposit-taking institutions, Regulations, guidance and licensing for capital market entities, Regulations, guidance and licensing for insurers, Regulations, guidance and licensing for payment service providers and systems, Information on MAS’ approach, strategies and efforts in these key areas, MAS’ approach to supervision and the instruments under the Acts it administers, Find out about MAS’ strategies to develop and support the financial sector, Discover what makes Singapore a leading global financial centre, Find out how MAS is co-creating a Smart Financial Centre, Latest information on MAS’ FinTech strategy, initiatives and funding schemes, Get funding on proof-of-concepts, hiring, business development and more, Sandbox relaxes regulatory requirements to enable live experiments of innovation, Various payment initiatives including SGQR, FAST and PayNow, World’s first open architecture platform for FIs to discover FinTechs and deploy solutions, The GTCN is a cross-border DLT project to digitalise trade and trade finance, Industry collaboration that explores blockchain’s usage for Central Bank Digital Currency, World’s largest festival for the FinTech community to connect, collaborate and co-create, Fast track intellectual property protection through various initiatives, A collaborative AI-driven global solutions hub to foster SME digitalisation, Find out about the opportunities and plans that MAS has to grow your business areas, Read about the support that is available for your business operations, Find out how MAS and our partners build a pipeline of financial professionals and leaders, Read about MAS’ monetary policy framework, central bank operations and related information, Get information on SSB, SGS Bonds, T-bills, MAS Bills and MAS FRN, Discover more about the Singapore’s currency, Access the various consultations, monographs, macroeconomic reviews and other publications, View data on Singapore’s financial sector, reserves statistics, exchange rates and others, Get the latest news, speeches, updates and announcements, Find out about working in MAS and the various opportunities that are available. 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