GUIDANCE
MAS Information Paper on AML/CFT Supervisory Expectations for Digital Payment Token Service Providers
Background On 13 July 2026, MAS published an information paper setting out its supervisory expectations for digital payment token service providers (“DPTSPs”) across seven areas: new product (including token listing) risk assessment, enhanced customer due diligence (“ECDD”), value transfer requirements, ongoing monitoring, screening, due diligence on partners and outsourced providers, and training. The paper summarizes…
MAS Issues Prohibition Order against Andrew Tiew Siew Ing for Cheating Offences
Background Between March 2018 and June 2019, Mr Andrew Tiew Siew Ing, then a representative of AXA Insurance Pte Ltd (now HSBC Lift Singapore), induced an individual to transfer more than S$570,000 to him under the pretext of fictitious investment plans and a bogus Malaysian property sale. He was convicted of cheating under the Penal…
NEW MAS LICENSING EXEMPTION FRAMEWORK FOR SINGLE FAMILY OFFICES
FROM CASE-BY-CASE TO CLASS EXEMPTION: A NEW ERA OF SFO SUPERVISION Background On 12 June 2026, the Monetary Authority of Singapore (“MAS”) announced that its long-awaited revised regulatory framework for Single Family Offices (“SFOs”) officially came into force on 15 June 2026. Transitioning away from legacy, case-by-case licensing exemption applications under the Securities and Futures…
INTERPOL ASIA AND SOUTH PACIFIC 2025/26 REPORT
AI and THE INDUSTRIALISATION OF CYBERCRIME Background On 17 June 2026, INTERPOL released its 2025/2026 Asia and South Pacific Cyber Threat Assessment Report, exposing a dramatic escalation in transnational digital crime. The landmark report highlights a critical shift in the regional threat matrix: cybercriminal networks are transitioning from localized, isolated fraud setups into industrial-scale syndicates…
MAS PROPOSES AMENDMENTS TO TECHNOLOGY RISK MANAGEMENT NOTICE
Background On 10 June 2026, MAS issued a Consultation Paper proposing updates to its Notices on Technology Risk Management (“TRMN”). The primary objectives of the proposed enhancements to the TRMN are to reinforce technology resilience, address emerging AI-enabled threats, and eliminate ambiguities in system downtime reporting, against the backdrop of significant IT service disruptions at…
TECH ADVISORY: AGENTIC AI AND TOKEN-BASED SUBSCRIPTION CHANGES COULD CAUSE MASSIVE RISE IN USAGE BILLS
Background The recent case reported by media outlet Axios on 28 May 2026—where an unnamed corporate entity reportedly received a staggering US$500 million bill for AI usage in a single month. The fiscal catastrophe materialized after the organization introduced Anthropic’s Claude to its workforce without implementing mandatory, pre-configured consumption caps on business applications. Lacking structural…
MAS GUIDES ON MARKET CONDUCT CONTROLS FOR FINANCIAL ADVISORY INDUSTRY
Background On 26 May 2026, MAS published an information paper highlighting critical observations and good practices for overall fair dealing with customers, following a survey of financial institutions (“FIs”). FIs are required to maintain robust internal controls to safeguard consumer interests and ensure fair dealing outcomes. This paper covers 4 broad areas: prospecting and advertising…
MAS PROVIDES GUIDANCE ON RISK MANAGEMENT BEST PRACTICES FOR FUND MANAGEMENT COMPANIES
Background On 29 May 2026, MAS published an information paper on risk management practices of Fund Management Companies (“FMCs”) arising from MAS’s thematic inspections concerning how FMCs manage their overall investment and operational risks. This paper provides supervisory guidance and best practices regarding 5 broad areas: governance frameworks, policy and procedures (“P&Ps”), new fund launches and changes to existing funds, investment due diligence and ongoing monitoring of investment. Identified Gaps…
CHINA REGULATORS CRACK DOWN ON TIGER BROKERS, FUTU AND LONGBRIDGE FOR CROSS-BORDER BROKERAGE BUSINESS FOR MAINLAND CLIENTS
Background On 25 May 2026, Chinese regulatory authorities, led by the China Securities Regulatory Commission (CSRC), intensified their crackdown on unlicensed cross-border brokerage services. The enforcement targets Chinese online platforms facilitating offshore stock trading for domestic mainland residents without localized licenses. This regulatory tightening severely impacts capital outflow channels and reshapes the operational landscape for…
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