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NEWSLETTER: Hot off the press this week is the news that Singapore are consulting on the removal of their ‘lighter touch’ RFMC regime. Although we’ve seen a lot of fund management companies opt up to the more stringent LFMC regime in recent years, there are still many for whom this will mean a significant change. We’ll be tracking the consultation closely and keeping you up to date.
MAS has had a busy couple of months – in particular in the continuing development of its regulatory approach to crypto currency. Last month it published a set of new requirements for issuers of single-currency stablecoins. I hosted a webinar discussion on developments in the digital asset space in Singapore earlier this month – you can catch up with the recording here.
All eyes in Singapore are inevitably on AML at the moment following the multi-billion dollar scandal in the summer. We look at the subsequent circulars – and what you need to stay on top of – in our article on AML/CFT controls.
In Hong Kong this month we’ve seen the SFC announce its plan to conduct a comprehensive cybersecurity review which should serve as something of a wake up call – particularly to LCs who outsource much of their technology. A review of cyber controls may be long overdue.
Finally, looking further afield, Morgan Stanley’s fine in the UK for failure to monitor communications has learning points for firms across Asia as well as in the UK and US. It’s worth brushing up on requirements in different jurisdictions and making sure your controls stand up to ‘reasonable expectations’.
Rebecca Thorpe
Chief Executive Officer
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