Alvin Tan on Financial Services and Markets Bill
Giving the Monetary Authority of Singapore (MAS) wider regulatory powers over a dynamic and rapidly evolving financial sector - that was the aim of a Bill put forward for debate in Parliament on Monday (Apr 4). It enhances MAS’ regulatory and enforcement framework across the sector and addresses regulatory challenges posed by digitalisation. The changes include broadening the scope of prohibition orders, enhancing the regulation of digital token service providers for money laundering and terrorist financing risks, and harmonising powers to impose requirements on financial institutions regarding technology risk management. The details were laid out by Minister of State for Trade and Industry and MAS board member Alvin Tan.
Giving the Monetary Authority of Singapore (MAS) wider regulatory powers over a dynamic and rapidly evolving financial sector - that was the aim of a Bill put forward for debate in Parliament on Monday (Apr 4). It enhances MAS’ regulatory and enforcement framework across the sector and addresses regulatory challenges posed by digitalisation. The changes include broadening the scope of prohibition orders, enhancing the regulation of digital token service providers for money laundering and terrorist financing risks, and harmonising powers to impose requirements on financial institutions regarding technology risk management. The details were laid out by Minister of State for Trade and Industry and MAS board member Alvin Tan.
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