Singapore: Shared responsibility framework to be implemented
in short On October 24, 2024, the Monetary Authority of Singapore (MAS) and the Infocomm Media Development Authority of Singapore (IMDA) announced that they will implement a Shared Responsibility Framework (SRF) against phishing scams through a set of guidelines on December 16, 2024. . Under the SRF, financial institutions (FIs) and telecommunications operators (telcos) are given the responsibility to reduce phishing scams. MAS and IMDA expect responsible entities to be liable for any fraud losses resulting from failure to discharge any relevant duties under the "waterfall" approach. MAS and IMDA released a joint consultation paper on the SRF on 25 October 2023 (“consult"), the consultation period will end on 20 December 2023. You can access our previous reminders on the consultation here. Our local Principal Ying Yi Liew and Assistant Joan Choo also contributed to the Singapore Law Gazette (September 2024 July issue) writes an article about who is responsible for fighting fraud and explores the SRF, recent regulatory changes…
Singapore: Monetary Authority issues consultation paper on proposals
in short On October 4, 2024, the Monetary Authority of Singapore (MAS) published proposed regulatory approaches, regulations, notices and guidance for digital token service providers under the Financial Services and Markets Act 2022 (P010-2024). Consultation Paper ("Consultation document"). The consultation paper includes a number of annexes setting out MAS’s proposed new regulatory framework for digital token service providers (DTSPs), which will be regulated under Part 9 of the Financial Services and Markets Act 2022 (FSMA). MAS' key recommendations on the new regulatory framework for DTSPs revolve around licensing requirements, anti-money laundering and combating the financing of terrorism (AML/CFT) compliance, financial obligations and governance requirements. We've provided more details on each area below. We anticipate that this consultation paper will be of most interest to DTSPs who are not currently licensed and may wish to be regulated under Part 9 of FSMA. If you have any feedback or comments on the proposals related to the new regulatory framework for DTSP, please…
Explore the latest exhibition information and industry trends at ASAP Expo Magazine. Your one-stop platform, bringing together global exhibition highlights, industry trends and in-depth analysis, to help companies accurately connect with the market and seize business opportunities.
