MyComplianceOffice Blog

The 2023 Singapore FinTech Festival (SFF2023) brought a hive of activity and excitement to the region. Financial and compliance leaders came in droves to connect, share ideas, and learn about the latest developments across the financial and regulatory landscapes.

MAS enforcement actions between January 2022 and June 2023 include 136 cases opened, 39 criminal convictions, and SGD$20.8m in financial penalties. These figures show significant increases in enforcement actions over the previous 18-month reporting period (1 Jul 2020 - 21 Dec 2021).

Legislation has passed both Houses of the Australian Parliament to introduce the Financial Accountability Regime (FAR).

The 2023 Bill establishes a financial accountability regime to impose obligations on directors and senior executives of financial entities in the banking, insurance and superannuation industries. These obligations will cover accountability, key personnel, deferred remuneration and notification to Regulators (meaning APRA and ASIC collectively, or only APRA where it is the sole Regulator).