Services
Regulatory Licensing
Cryptocurrency Licensing
Digital Payment Token (DPT) service providers that deal in and facilitate the exchange of DPT’s are required to be licensed under the Payment Services Act ,2019 and are subject to MAS regulations. Apart from the PSA ,depending on the characterstics of the token /coin and the services offered , the service providers may also be subject to the Securities and Futures Act (SFA) and the Financial Advisers Act (FAA).
Payments Licensing
The provision of E-money, Merchant Acquisition , Cross Border and Domestic Money transfer services are licensable activities in Singapore.
Any service provider providing any one or more of the regulated payment services would be required to obtain and maintain in force a licence under the Payment Services Act which would entitle that service provider to carry on a business of providing such payment service(s).
Insurance Broker Licensing
Companies that wish to carry on insurance broking business in Singapore need to be licensed by the Monetary Authority of Singapore.
Insurance Brokers need to be registered with the MAS under the Insurance Act. Insurance Intermediaries who arrange for contracts of insurance in respect of life policies need to be licensed as a financial adviser under the Financial Advisers Act.
Policy Writing and Risk Assessment
Anti-Money Laundering Policy
Financial institutions operating in Singapore are required to put in place robust controls to detect and deter the flow of illicit funds through Singapore’s financial system. Such controls include the need for financial institutions to identify and know their customers (including beneficial owners), to conduct regular account reviews, and to monitor and report any suspicious transaction.
Technology Risk Management Policy
Financial institutions are required to establish sound and robust technology risk governance and oversight, as well as maintain IT and cyber resilience.
Compliance Manual
Financial Institutions are required to implement prudent internal controls for effective, safe and sound management. A robust control framework provides reasonable assurance on the safety, effectiveness and efficiency of an institution’s operations, the reliability of financial and managerial reporting and compliance with regulatory requirements.
Outsourcing Policy
Financial Institutions are expected to implement sound practices on risk management of material third party vendors or outsourcing arrangements.
Enterprise-Wide Risk Assessment (EWRA)
The enterprise-wide money laundering and terrorism financing (ML/TF) risk assessment (EWRA) assesses a financial institution’s (FI) inherent ML/TF risks, the effectiveness of the control environment designed to mitigate those risks, and the need to implement additional measures to manage residual risks where necessary. The requirements and expectations pertaining to EWRA are stipulated in MAS Notices and Guidelines.
Customized Solutions
Request for tailored solutions best fit for your unique business needs.