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OUR MISSION
OUR OBJECTIVES
 
Supervision
Inspections and
Supervisory Reviews
New Legislation
Enhancing Regulatory Frameworks
Market and Business Conduct
Risk Management
B THE FINANCIAL SECTOR: KEY SUPERVISORY
AND REGULATORY INITIATIVES
 
  Enhancing Regulatory Frameworks 45
 
Regulations for Islamic Finance  
45
 
Revision to Requirements on Submission of  
Annual Audited Accounts  
45
 
Revision to Regulatory Framework for Money
 
Changers/Remittance Agents  
46
 
Box 9 – Policy Owners’ Protection Fund Scheme  
46
 
Phase II Amendments to the Securities
 
Futures Act and Financial Advisors Act  
47
 
Keeping Pace with Product Innovation  
49
 
Reviewing the Authorisation Framework for Representatives  
49
 
Establishing Sound Risk Management Guidelines  
49
 
Box 10 – Enhancing Internet Banking Security  
50
 
  ENHANCING REGULATORY FRAMEWORKS

Revision to Regulatory Framework for Money Changers/Remittance Agents
 

The Money-Changing and Remittance Businesses (Amendment) Act 2005 and the Money-Changing and Remittance Businesses Regulations 2005 came into operation on 2 November 2005. The amendment to the Act was made to raise standards in the industry and to better reflect MAS’ supervisory approach towards remittance and money-changing licensees, which is now focused on AML/CFT. The regulations also specify the revised fees payable, the requirement to furnish security by remittance licensees for each additional place of business and requirements for the submission of returns. MAS also issued new notices pursuant to the Act to replace licensing conditions issued previously for such businesses. The notices, which came into effect in January 2006, provide MAS with the flexibility to impose fines in case of breaches, instead of being limited to license revocation as the only course of action.