Singapore
Legislative and Regulatory Amendments
- Monetary Authority of Singapore (MAS)
This update outlines specific TF threats and vulnerable sectors in Singapore, with risk areas identified as being in money remittance, cross-border fast payment systems, digital payment tokens, foreign online crowdsourcing, and precious stone/metal products. The refreshed TF NRA includes objectives to prevent, detect, and disrupt TF activities, while the National Strategy for CFT has articulated a five-pronged strategy for CFT.
Date of Release: 1 July 2024
Implementation on: 1 July 2024
Applicable to: All
Setting up of a Review Group to Strengthen Equities Market Development
The group met for the first time on 19 August, and on 27 August the MAS reported on identified priority areas, and announcing members of workstreams.
Date of Release: 2 August 2024
Implementation on: 27 August 2024
Applicable to: Financial Institutions
MAS Collaborates with Banks and Technology Partners on Quantum Security
Quantum technology has seen major developments in the last few years and has the potential to break commonly used cryptography and encryption algorithms. Cybersecurity breaches have become more prevalent and costly in recent years, and the development and accessibility of quantum technology will only increase breaches unless preventative measures are implemented. Under the collaboration, the MAS and its collaborators are studying the application of Quantum Key Distribution in financial services, which can protect the exchange of cryptographic keys.
Date of Release: 14 August 2024
Implementation on: N/A
Applicable to: Financial Institutions
MAS Establishes International Advisory Panel for Cyber Security and Technology Resilience
The new panel will replace the MAS’ Cyber Security Advisory Panel, and will have an expanded mandate to cover technology and cyber security, which is aimed to boost cyber resilience in Singapore
Date of Release: 25 September 2024
Implementation on: Mid 2025
Applicable to: Financial Institutions
- Accounting and Corporate Regulatory Authority (ACRA)
ACRA set out a practice direction on publishing outcomes and orders received by public accountants and accounting entities under certain of ACRA’s regulatory regimes. The main points were practice review on public accountants, quality control standards review on accounting entities, and non-compliance with Orders made by the Public Accountants Oversight Committee.
Date of Release: 09 July 2024
Implementation on: 09 July 2024
Applicable to: Public Accountants and Accounting Entities
Practice Direction for Practice Monitoring Programme – “Hot Review” Order
ACRA set out a practice direction which sets out the criteria and responsibility of a reviewer appointed under the “hot review” order issued under the Practice Monitoring Programme and serves as supplementary information for public accountants subjected to a hot review.
Date of Release: 02 September 2024
Implementation on: 02 September 2024
Applicable to: Public Accountants Subjected to a Hot Review
Consultations
No consulatations in Singapore for Q3
This document is provided for information purposes only and does not constitute legal, tax, investment, regulatory, accounting or other professional advice. For more information on the legal and regulatory status of IQ-EQ companies please visit www.iqeq.com/legal-and-compliance.