Singapore's parliament passed the Financial Institutions Bill.

Singapore's parliament has passed the Financial Institutions (Miscellaneous Amendments) Bill, which enhances Monetary Authority of Singapore's (MAS) powers to enter premises without a warrant or prior notice if certain conditions are met. The new law allows MAS to extend its investigative rights to all six Acts governing the financial services and markets, insurance, payment services, financial advisers, securities and derivatives industry, and trust companies. The amendments aim to ensure MAS can effectively supervise the growing and complex financial industry, as well as investigate and punish serious misconduct within the sector.

March 07, 2024
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