The Financial Services and Markets Act 2022 (“FSMA”) omnibus Act, implementing the sector-wide regulation of financial services and markets by the Monetary Authority of Singapore (“MAS”), has partially come into force.
On 28th April 2023, the first phase, relating to the porting of selected provisions from the Monetary Authority of Singapore Act 1970, was implemented, covering:
- MAS’s general powers over financial institutions, including inspection powers, offences and other miscellaneous provisions in Parts 2, 10, 11 and 12 of FSMA;
- The AML / CFT framework in Part 4; and
- Financial Dispute Resolution Schemes framework.
The remaining phases are targeted for implementation in 2H 2023 and 2024.
Firms with operations in Singapore should ensure that their policies and processes align with the new legislation.