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MAS Regulations & Compliance Flashcards

6 cards from real BCP practice questions. Tap to flip, then mark Knew It or Still Learning — missed cards come back until you master them.

Read the first 6 MAS Regulations & Compliance flashcards as text

  1. What does Anti-Money Laundering (AML) compliance require of Singapore insurers?

    Answer: Customer due diligence, transaction monitoring, and reporting suspicious transactions

    AML compliance requires insurers to conduct customer due diligence (know your customer), monitor transactions for suspicious activity, and report suspicious transactions to the Suspicious Transaction Reporting Office (STRO).

  2. What is the significance of the 'Financial Action Task Force' (FATF) recommendations for Singapore insurers?

    Answer: FATF standards form the basis of Singapore's AML/CFT framework that insurers must comply with

    FATF recommendations form the international standard for anti-money laundering and counter-terrorism financing (AML/CFT). Singapore's MAS framework for insurers is largely based on FATF standards.

  3. Under MAS Notice 124, what is required of an insurer's board of directors regarding risk management?

    Answer: Approving the risk management framework and ensuring adequate controls exist

    MAS Notice 124 requires the board to approve the risk management framework, set risk appetite, and ensure that adequate systems and controls exist to identify, measure, monitor, and manage risks.

  4. What must an insurer disclose to policyholders under MAS Notice 318 (for general insurance)?

    Answer: Key features, exclusions, claims procedures, and cooling-off rights

    MAS Notice 318 requires general insurers to disclose key product features, important exclusions, claims procedures, and where applicable, cooling-off rights to ensure policyholders can make informed decisions.

  5. What is Singapore's approach to regulating InsurTech (insurance technology) companies?

    Answer: Using a regulatory sandbox (MAS FinTech Regulatory Sandbox) allowing controlled innovation

    MAS operates a FinTech Regulatory Sandbox allowing InsurTech companies to test innovative products and services within a controlled environment with relaxed regulatory requirements, subject to conditions.

  6. Under the Personal Data Protection Act (PDPA), what must Singapore insurers do with customer personal data?

    Answer: Collect, use, and disclose data only with customer consent and for notified purposes

    Under PDPA, insurers must obtain customer consent before collecting, using, or disclosing personal data, and can only use it for the purposes notified to the customer. Data protection obligations are ongoing.