The Regulatory Architecture: MAS, the Banking Act, the SFA, the FAA and the FSMA: summary

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The Monetary Authority of Singapore, founded on 1 January 1971, gradually took over the supervision of insurance, securities and currency issue and now acts as both central bank and integrated regulator, with a statutory rule that gives the soundness and reputation of the financial centre priority over its growth. The Banking Act 1970 licenses full, wholesale, merchant and digital banks, protects customer information under section 47 and contains no separate regime for private banking, which is regulated through the combination of the Banking Act, the Securities and Futures Act, the Financial Advisers Act and the anti-money laundering notices. The Securities and Futures Act requires a capital markets services licence for seven regulated activities, sanctions market misconduct with both criminal and civil penalties and distinguishes retail, accredited and institutional investors, with an opt-in regime for accredited investors since 2019. The Financial Advisers Act governs advice on investment products and life insurance through licensed and exempt advisers and appointed representatives, while the Financial Services and Markets Act 2022 adds cross-sector powers on prohibition orders, technology risk, anti-money laundering and digital token service providers. Guidelines on individual accountability, effective since September 2021, together with the fit and proper criteria and the prohibition orders of the FSMA, make senior managers answerable for the systems under their purview, as the enforcement actions of July 2025 demonstrated.

For general information only. This article does not constitute legal or tax advice, does not replace advice on an individual case and creates no lawyer-client relationship. It reflects the legal position as of October 2026.

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Dr Alexander Ressos, TEP

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I am Of Counsel with KGP Legal LLC in Singapore, where I work with a global client base of successful entrepreneurs and their families, independent asset managers, commodity trading houses and other commercial clients. I am a German and Swiss attorney-at-law, also admitted as a solicitor in England & Wales and in Hong Kong. I divide my time between Zug in Switzerland, Singapore and Hong Kong. Since 2017 I have advised international clients on more than 700 crypto and digital asset projects. I also have extensive experience in cross-border litigation and arbitration in Singapore, Hong Kong and other markets in South-East Asia and Greater China.

I operate across the key financial centres in South-East Asia, the Middle East and Switzerland, with a particular focus on asset protection, international tax and estate planning, as well as trusts, company administration and other fiduciary services. My philosophy is to serve as a trusted advisor working closely with my clients and to help them achieve their commercial objectives.

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SingaporeIQ is edited by Dr Alexander Ressos, an international business lawyer with more than 15 years of local experience in Singapore as a permanent resident, a Singapore registered foreign lawyer and managing partner of a Singapore foreign law practice. In addition to significant experience in cross-border investments and transactions, UHNWI private client work and sanctions/export controls, Dr Ressos has extensive experience in cross-border business and in crypto and digital-asset projects in Singapore, drawn from more than 700 projects since 2017.

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