MAS Proposes to Require Financial Institutions to Strengthen Identity Verification

The Monetary Authority of Singapore proposes to require financial institutions to strengthen their processes for verifying the identity of their customers in non-face-to-face situations. The proposed Notice on Identity Verification aims to address global risks from the increasing number of cyber attacks.

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Singapore to Issue New Work Visa to Attract Top-tier Foreign Technology Professionals

Singapore will issue a new work visa (Tech.Pass) to top-tier foreign technology professionals starting from January 2021. Applicants do not need to have pre-arranged employment sponsorship in Singapore and will have greater flexibility in the activities they can undertake while in the country than holders of the current range of work visas.

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MAS Consults on Capital Requirements for RMOs

The Monetary Authority of Singapore has proposed to revise the capital requirements for locally incorporated Recognised Market Operators (RMOs). The revisions focus on the liquidity of RMOs' assets to better assure their continued short-term operation. MAS also seeks to align its requirements for RMOs with the capital standards of jurisdictions such as the US and EU. MAS published its proposals in a consultation paper dated 23 October 2020.

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Payment Services Bill Proposes to Increase Regulation of Payment Service Providers in Singapore

The Payment Services (Amendment) Bill was introduced in the Singapore Parliament on 2 November 2020. The Bill proposes to amend the Payment Services Act to expand the regulatory coverage of digital payment token and money transfer services and to grant additional powers to the Monetary Authority of Singapore to impose user protection measures for customer assets.

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