RegWatch: Guidelines to Notice PSN02 on Prevention of Money Laundering and Countering the Financing of Terrorism – Digital Payment Token Services

An Overview by Aaron Chua of Ingenia Consultants Merkle Science’s RegWatch provides expert commentary on the impact of recent regulatory developments from our partners. This article has been contributed by Aaron Chua, Manager at Ingenia Consultants a Singapore-based financial services compliance consultancy With the introduction of the Payment Services Act 2019 (‘’PS Act”), the Notice PSN02 was

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VCC Grant

Financial Sector Development Fund has earlier this year prepared a variable capital company grant to defray the expenses in relation to Singapore-based services for the incorporation of a variable capital company. The grant was a bid by Singapore to help local fund managers consider new vehicles that can help them attract investments. At the same

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Requirements for the Suitability Assessment in Wealth Management in Singapore

Financial advisers in Singapore are generally required to conduct a suitability assessment. A financial adviser, licensed or exempt, is required to have a reasonable basis when making a recommendation with respect to any investment product (sec. 27(1) FAA as well as sec. 23(4) FAA). In particular, (licensed) financial advisers shall give due consideration to their

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BACKGROUND MAS conducted thematic inspections on selected private banks to assess their sales and advisory practices in 2018 and 2019. MAS expects financial institutions operating in the private banking industry in Singapore to uphold high standards of market conduct and transparency in their dealings with clients. GOVERNANCE BOARD AND SENIOR MANAGEMENT Exercise oversight of frameworks,

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