In June, the Monetary Authority of Singapore (MAS) updated its FAQs on the Licensing and Registration of Fund Management Companies. In this update, the MAS provided additional information on the application process and updated the expected time for the processing of applications to six months.

In addition, the MAS published a guidance paper on the “Effective Use of Data Analytics to Detect and Mitigate ML/TF Risks from the Misuse of Legal Persons”. While the paper does not impose new regulatory obligations on financial institutions, MAS highlights measures to identify shell/front company red flags and mitigate respective money laundering and terrorism financing risks. In the paper, the MAS discusses case studies of how data analytics helped identify red flags of companies, networks of companies, and suspicious transaction flows. Financial institutions are increasingly leveraging data analytics. Some banks have also integrated data analytics tools into their ongoing monitoring controls.

Finally, EAMs holding a capital markets services licence, i.e. A/I LFMC, must not forget to submit their quarterly returns by 14 July 2023.