MyComplianceOffice Blog

Singapore’s Parliament has passed the Anti-Money Laundering (AML) and Other Matters Bill, a crucial step in enhancing the nation’s defences against financial crimes. The Bill, introduced by Singapore’s Second Minister for Home Affairs, Josephine Teo, is designed to strengthen the country’s anti-money laundering (AML) framework, ensuring it keeps pace with global standards set by the Financial Action Task Force (FATF). Teo explains during her second reading of the Bill, “We have been distilling the learning points through careful studies of the changing modus operandi, as well as the new standards promulgated by FATF.”

Artificial intelligence (AI) has emerged as a powerful tool in compliance and technology. From automating routine tasks to analyzing large data sets, AI has been revolutionizing how organizations work and adhere to regulatory standards.  

Using AI in compliance effectively means embracing its potential, but also understanding potential risks and limitations. 

Tracking employee compliance credentials including licensing, registrations and continuing education is a complex endeavor. 

Using spreadsheets to track compliance with employee qualification and certification requirements sounds like a cost-effective and simple way to keep track. But when you factor in all of the potential licenses, registrations and continuing education updates that are potentially applicable to employees of a financial services firm and all of the moving parts that go along with them, it’s a daunting task with much room for error.

It's been almost one year the Consumer Duty came into force, setting higher and clearer standards for consumer protection across the financial services industry. 31 July 2024 will be a milestone date, marking not just the anniversary of the Duty but also implementation for closed products and the first Board Report due date.

The Markets in Crypto-Assets Regulation (MiCA) institutes uniform regulations for crypto-assets across the EU that are not currently regulated by existing financial services legislation.  The Application of Rules for asset-referenced and e-money tokens took effect on 30 June 2024. The countdown is on for the Application of Rules for the remaining asset classes in December 2024.