Singapore
Legislative and Regulatory Amendments
- Monetary Authority of Singapore (MAS)
MAS and Singapore Police Warn Against Impersonation Scams The MAS and the Singapore Police Force issued a joint advisory warning the public about scams involving individuals impersonating MAS officers. These scammers falsely claim to represent the MAS Register of Representatives, which does not list MAS employees. Since March 2025, at least three such cases have been reported. Date of Release: 2 April 2025 Implementation on: Immediate Applicable to: General public MAS and CSA Report Ransomware Breach at Toppan Next Tech The MAS and the Cyber Security Agency of Singapore (CSA) announced a ransomware attack on Toppan Next Tech (TNT), a third-party data vendor. The breach potentially exposed sensitive customer information from DBS Group and the Bank of China Singapore branch, including names, addresses, and account details. MAS and CSA are collaborating with the affected banks and TNT to investigate the incident and mitigate risks. Date of Release: 7 April 2025 Implementation on: Ongoing Applicable to: Financial institutions using third-party vendors
Cambodia Joins ASEAN Regional Payment Connectivity Initiative The National Bank of Cambodia (NBC) officially joined the Regional Payment Connectivity (RPC) initiative, a multilateral effort led by ASEAN central banks to enhance cross-border payment linkages. This move aims to improve the efficiency, accessibility, and security of regional transactions, supporting economic integration and financial inclusion across participating countries. Date of Release: 8 April 2025 Implementation on: Immediate Applicable to: ASEAN central banks and regional payment system operators
MAS CTREX Panel Convenes to Strengthen Cyber Resilience MAS’ Cyber and Technology Resilience Experts (CTREX) Panel held its inaugural meeting to explore ways to bolster technology resilience and address emerging threats in the financial sector. Discussions covered third-party and open-source software risks, post-quantum security, and advanced anti-scam tools such as phishing-resistant technologies and AI-based detection systems. Date of Release: 17 April 2025 Implementation on: Ongoing Applicable to: Financial institutions and cyber risk professionals MAS Highlights Industry Role at IMAS Investment Conference MAS Managing Director Mr Chia Der Jiun delivered the opening keynote at the IMAS Annual Investment Conference. He emphasised the asset management industry’s role in supporting resilient markets and well-informed investors and announced MAS’ consultation on a framework to broaden retail access to private market investment funds. The event also introduced the IMAS Climate Handbook to promote sustainable finance. Date of Release: 23 April 2025 Implementation on: Ongoing Applicable to: Asset managers and investment firms
MAS Announces Review of Code of Corporate Governance MAS announced that the Corporate Governance Advisory Committee (CGAC) will undertake a review of the Code of Corporate Governance (CG Code). The review seeks to build on established good practices in corporate governance and disclosures among listed companies and complement the ongoing work of the Equities Market Review Group. Since the last major review in 2018, CGAC has recommended progressive enhancements, particularly in the areas of director independence and remuneration disclosures.
Date of Release: 29 May 2025 Implementation on: TBD (following review) Applicable to: Listed companies and corporate governance professionals
MAS to Block Access to Unregulated Trading Platforms MAS released on its website that the websites of two unregulated trading platforms, Octa and XM, will be blocked, as they have been determined to be in breach of the Securities and Futures Act 2001 (SFA). The Singapore Police Force (SPF) will continue to work with MAS to block access to unregulated overseas online trading platforms thereafter.
Date of Release: 6 June 2025 Implementation on: 6 June 2025 Applicable to: Retail investors and online trading platforms Incorporation of Singapore Payments Network (SPaN) MAS and the Association of Banks in Singapore (ABS) jointly announced the incorporation of Singapore Payments Network (SPaN), which will administer and govern Singapore’s national payment schemes. SPaN is set up by the MAS and ABS as a not-for-profit company limited by guarantee to drive Singapore’s national payments objectives.
Date of Release: 25 June 2025 Implementation on: 25 June 2025 Applicable to: Payment service providers and financial institutions
- Accounting and Corporate Regulatory Authority (ACRA)
Information products available in Bizfile iShop ACRA has expanded its Bizfile iShop offerings to include various corporate information products such as Register of Members (ROM) and Business Entity Extracts reflecting recent transactions (e.g. registrations, annual returns). The ROM is priced at SGD 20 per copy. Date of Release: April 2025 (approx) Implementation on: April 2025 (products became available) Applicable to: Users of ACRA’s Bizfile iShop (businesses, accounting firms, public accessing corporate information)
Jan/Feb 2025 Issue of ACRAConnect The Jan/Feb 2025 issue of ACRAConnect provides updates on regulatory developments, announcements, guidance, and highlights across ACRA’s remit (business entities, accountants, etc.). Date of Release: 2025 (exact date not specified) Implementation on: N/A (publication) Applicable to: Professionals, businesses, public audiences interested in ACRA’s updates and regulatory environment
Corporate Service Providers (CSP) Act to come into effect from 9 June 2025 The announcement states that the CSP Act and CSP Regulations will become effective on 9 June 2025. Under the new regime: (1) business entities providing corporate services in or from Singapore must register as CSPs; (2) registered CSPs must comply with obligations including AML/CFT requirements; (3) persons acting as nominee directors (by business) must only be arranged by fit-and-proper CSPs; and (4) fines will apply for breaches by CSPs and their senior management. Date of Release: 09 May 2025 Implementation on: 09 June 2025 Applicable to: All business entities providing corporate services in or from Singapore, registered CSPs, nominee directors arranged by CSPs
Consultations
- Monetary Authority of Singapore (MAS)
Consultation on Ex-post Resolution Levies for Banking Sector MAS published the Consultation Paper on Proposed Framework for Ex-post Resolution Levies for Banking Sector. This consultation paper seeks feedback on the proposed framework for imposing ex-post levies on the banking sector, comprising banks, merchant banks and finance companies, to recover the cost of resolving a distressed bank under Division 10 of Part 8 of the Financial Services and Markets Act 2022. This consultation closes on 31 July 2025.
Date of Release: 30 June 2025 Implementation on: N/A Applicable to: Banks, merchant banks, and finance companies
- Accounting and Corporate Regulatory Authority (ACRA)
ACRA Launches Body of Knowledge to Guide Training Providers in Designing Programmes for Sustainability Reporting ACRA has launched a Sustainability Reporting Body of Knowledge (SR BOK) designed to guide training providers in structuring curriculum for sustainability / climate reporting aligned with global standards (e.g. IFRS S1, S2). The SR BOK sets out essential technical competencies and topics—such as greenhouse gas accounting, materiality, climate disclosures, assurance—that training providers should cover to build capacity in sustainability reporting. Date of Release: 20 May 2025 Implementation on: Immediate / available from launch (not a phased future activation) Applicable to: Training providers, professionals, and institutions involved in sustainability / climate reporting education and capacity building
Changes to the ACRA Code for Public Accountants and Accounting Entities ACRA has revised the Code for Public Accountants and Accounting Entities, introducing amendments related to professional conduct, quality control standards, disciplinary procedures, and updated compliance expectations for public accountants and accounting firms. Date of Release: 25 June 2025 Implementation on: 01 January 2026 Applicable to: Public accountants, accounting entities, audit firms regulated by ACRA
The announcement states that key amendments under the CLLPMA Act 2024 will take effect from 16 June 2025, enhancing transparency and regulation of companies, foreign companies, and LLPs. Changes include: requiring a Register of Controllers from date of incorporation or registration, annual verification of controller particulars, extension of timeline to update controller details (from 2 business days to 7 calendar days), imposing register-keeping obligations for nominee directors for foreign companies, and central register filing requirements with ACRA. Date of Release: 24 June 2025 (announcement in legal commentary) Implementation on: 16 June 2025 Applicable to: All companies, foreign companies, and limited liability partnerships (LLPs) in Singapore; existing entities required to comply with central register lodgment and updates; new entities to comply from incorporation/registration date
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