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Financial Services Regulatory Risk and Compliance Digest

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Latest edition

March 2025

Welcome to the latest edition of our Financial Services Regulatory and Risk Update newsletter! This newsletter focuses on providing you with an update on key regulatory changes in the financial services industry in Singapore, including banks, insurers, asset managers and other regulated entities. We hope this summary will help you to keep abreast of these emerging themes, and we welcome any opportunity to discuss these with you.

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Here's what you can expect in this edition:

Topic

Description

Who it affects

New updates to regulations, notices, guidelines, or circulars

Artifical intelligence (AI) model risk management

Information paper on AI model risk management (MRM), outlining good practices that were observed during a recent thematic review. 

Financial institutions

Guidelines to MAS Notice 134 on recovery and resolution planning

Guidelines for notified insurers and notified DFHCs (Licensed Insurers) on recovery and resolution planning requirements under MAS Notice 134.

Direct insurers (life, general and composite), reinsurers (general and composite), captive insurers and financial holding companies (insurance)

Commercialisation of asset tokenisation

Press release announcing plans to support commercialisation of asset tokenisation.

Financial institutions

Good disclosure practices for retail environmental, social and governance (ESG) funds

Information paper which sets out good disclosure practices that ESG funds may adopt.

Retail ESG funds

Notice SFA02-N05 to AEs and RMOs on AML/CFT

Notice which stipulates the obligations of AEs and RMOs in AML/CFT.

 

Approved exchanges (AEs) and registered market operators (RMOs)

Industry updates

 

Phased commencement of the Anti-money Laundering and Other Matters Act

Ministry of Home Affairs (MHA) announced a phased commencement of Anti-Money Laundering (AML) and Other Matters Act.

Whole of society

Previous editions

Contact us

Kwok Wui San

Regulatory Risk and Compliance Leader, PwC Singapore
+65 8218 8727
Email


Banking and capital markets

Julia Leong

Banking and Capital Markets Risk Services Leader, PwC Singapore
+65 9756 2123
Email

Thangaraja Nada Raja

Partner, Regulatory Risk and Compliance (Banking and Capital Markets), PwC Singapore
+65 8338 4156
Email


Insurance

Ang Sock Sun

Insurance Leader, PwC Singapore
+65 8511 7108
Email

Technology and third party risk management

Kyra Mattar

Partner, Digital Solutions (Technology and Third Party Risk Management), PwC Singapore
+65 9735 2506
Email

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