Larry Lim

Executive Summary The Monetary Authority of Singapore (“MAS“) is consulting (until 4 November 2024) on proposed: (i) Financial Services and Markets Regulations (“FSM Regulations“); (ii) notices, including on anti-money laundering and countering the financing of terrorism (“AML/CFT“); and (iii) other applicable guidelines, for the regulatory framework for virtual asset service providers (“VASPs“) under Part 9 of the Financial Services and Markets Act 2022 (“FSMA“).

Introduction Protecting individuals against the rising threat of scammers has been a key focus of the Government. The Ministry of Home Affairs ("MHA") has reported that in the first half of 2024, the number of cases of scams has increased by 16.3%, with victims losing a record high of over S$385.6 million. Of particular concern is the number of scam cases involving the voluntary transfer of monies by the victim to the scammer.

Introduction In December 2023, the Monetary Authority of Singapore ("MAS") extended the scope of due diligence checks to a wider group of individuals and entities associated with family offices who are applying for tax incentives. Depending on the screening results, applicants may be required to provide further documents to support their application.