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In AML & Financial Services Regulatory

Singapore: Additional regulatory requirements proposed for digital payment token service providers

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The Monetary Authority of Singapore has issued a consultation paper proposing additional regulatory safeguards, particularly around retail customer access, business conduct measures and technology risk management for cryptocurrency players. The MAS seeks to extend its regulatory focus beyond money laundering and terrorism financing risks, to holistically strengthen the regulatory framework, limit consumer harm and better address fraud protection in light of recent incidents, while acknowledging the need not to hamper digital innovation. The MAS proposes that these new requirements, once issued in the form of guidelines, will apply not only to licensed digital payment token service providers licensed under the Payment Services Act 2019, but also to those currently operating under a transitional exemption from licensing while their license applications are being reviewed.

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In Product Regulation & Liability

Singapore: Health Sciences Authority issues updates on products containing potent ingredients abroad

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On 6 October 2022, the Health Sciences Authority issued an update on products found and reported by overseas regulators to contain potent ingredients that are prohibited and briefly explained the possible side effects of the potent ingredients. The update aims to increase awareness among the local population on the safety issues of such products overseas. To better protect local consumers from harmful products that can be found overseas and online, the HSA not only conducts local surveillance, but monitors overseas enforcement actions, and updates consumers on products that may pose a threat to public health.

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Singapore: Government proposes full SMS Sender ID registration to enhance protection against scams

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As part of an ongoing approach to combat scams, the Infocomm Media Development Authority (IMDA) has proposed new measures to reduce the ability of scammers to spoof their identity by using the same alphanumeric sender identification (“SMS Sender ID”) used by bona fide businesses. To further enhance consumer protection, the IMDA intends to make Singapore SMS Sender ID Registry (SSIR) registration mandatory for organisations who wish to use SMS Sender IDs.
Organisations using SMS Sender IDs must register with the SSIR using their Unique Entity Number (UEN) and aggregators handling SMS with Sender IDs must also participate in the SSIR and verify organisations via their UENs.

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Singapore: Reed, Michael v Bellingham, Alex (Attorney-General, intervener) [2022] SGCA 60

by , , and 7 Mins Read

The Singapore Court of Appeal, in its recent decision of Reed, Michael v Bellingham, Alex (Attorney-General, intervener) [2022] SGCA 60, provides clarity on two provisions under the Personal Data Protection Act (PDPA). The first is section 4(1)(b), which states that the PDPA does not impose any obligation on any employee acting in the course of their employment with an organization. The second is the then section 32 (now section 48O), which allows individuals who suffer loss or damage as a result of an organization’s contravention of the PDPA, the right to commence private action against the organization.

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In Corporate Compliance

Singapore: New corporate disclosures of nominee shareholders and individuals with executive control come into force

by , and 2 Mins Read

With the coming into force of the Corporate Registers (Miscellaneous Amendments) Act 2022 on 4 October 2022, the Companies Act 1967 and the Limited Liability Partnerships Act 2005 have been amended to subject nominee shareholders and their nominators and individuals with “executive control” over the daily or regular corporate affairs to new disclosure obligations. This further aligns Singapore’s regime on transparency and beneficial ownership of Singapore-incorporated companies, foreign companies and limited liability partnerships with the international standards set by the Financial Action Task Force.

In Employment

Singapore: New Code of Practice details Chief Executive, Director Workplace Safety and Health Statutory Duties

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The Code of Practice: Chief Executives’ and Board of Directors’ Workplace Safety and Health Duties will, when gazetted in October 2022, apply to all directors and equivalent officers involved in policy making and executive decisions for business affairs of companies in all industries, even for companies which have no manual work and little risk of physical injury.

In Product Regulation & Liability

Singapore: Health Sciences Authority issues recall of therapeutic products sold locally, and issues update on products found by overseas regulators to contain potent ingredients

by and 2 Mins Read

On 13 September 2022, the Health Sciences Authority (HSA) issued a retail-level recall in respect of a therapeutic product found to contain foreign matter. Earlier this month, the HSA also issued an update on products found and reported by overseas regulators to contain potent ingredients, and briefly explained the possible side effects of the potent ingredients.

In Product Regulation & Liability

Singapore: Ministry of Health announces transitional support for cancer patients

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On 2 September 2022, the Singapore Ministry of Health announced that additional transitional support will be provided to cancer patients with changes introduced to the financing regime of cancer drugs.
Subsidies of clinically effective and cost effective cancer drugs will, with effect from 1 September 2022, be extended through the Medication Assistance Fund at Public Healthcare Institutions.
Additional transitional support will also be implemented to cushion the impact of cancer drug spending for patients with IPs that currently cover their treatments and patients with MediShield Life only.

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Indonesia: Ratification of Regional Comprehensive Economic Partnership Agreement (RCEP)

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On 30 August 2022, the Indonesian House of Representatives agreed to pass a law ratifying the Regional Comprehensive Economic Partnership, the largest regional free trade agreement outside the World Trade Organization — involving 10 ASEAN countries and five non-ASEAN countries, i.e., China, New Zealand, Australia, Japan and South Korea. With the passing of this law, which still requires promulgation by the President, RCEP is set to come into force for Indonesia, possibly before the end of the year.

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