MAS forms a Cyber and Technology Resilience Experts Panel

Throughout 2024, Singapore has been focusing its efforts on mitigating fraudulent activities in the financial sector, with the region establishing new regulatory requirements and introducing additional measures to safeguard consumers and businesses. For example, most recently, MAS and the Association of Banks in Singapore (ABS) announced that major retail banks are set to implement Singpass Face Verification (SFV) to increase resilience against phishing scams. Banks aimed to solidify the digital token setup process for retail banking customers, with SFV equipping users with advanced protection against unauthorised access to their bank accounts.

Furthermore, back in July 2024, Singapore solidified its regulatory framework against money laundering and the financing of terrorism, particularly for cryptocurrency exchanges. At that time, the move underlined the region’s commitment to preserving a secure and reliable financial ecosystem. The initiative saw MAS updating the national risk assessment of terrorism financing, with the latest modification raising the risk level for cryptocurrency exchanges from medium-low to medium-high. The measure was intended to prevent the misuse of Singapore’s economic openness by criminal and terrorist entities.

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