In August 2026, the Monetary Authority of Singapore (“MAS”) published several updates relevant to Fund Management Companies (“FMCs”). Key developments covered customer due diligence requirements, counter-terrorism financing screening, misconduct reporting, organisational culture and remediation, and measures to strengthen Singapore’s asset management and financial technology sectors.

On 5 August 2026, MAS published a written reply to a Parliamentary Question concerning agentic artificial intelligence in financial services. FMCs exploring autonomous or semi-autonomous AI tools in investment, operational or compliance processes may find this interesting.

MAS also published a written reply on the number of Single Family Offices in Singapore on the same date. This provides a general industry context for FMCs serving family offices or managing assets for family-related structures

On 12 August 2026, MAS published an information paper titled Culture Capabilities for Effective Remediation and Sustainable Change. The paper sets out MAS’ supervisory observations on four organisational culture capabilities associated with more effective remediation of serious risk events and a lower likelihood of recurrence. MAS indicated that these capabilities may also be applied pre-emptively, before a serious risk event occurs.

On 18 August 2026, MAS issued Circular AMLD 07/2026, Identification and Verification of Identity of Intermediary Layers and Connected Parties of Customers under the MAS Notices on the Prevention of Money Laundering and Countering the Financing of Terrorism. The circular applies to financial institutions and Variable Capital Companies (“VCCs”).

Following amendments made to the relevant MAS AML/CFT Notices on 30 June 2025, financial institutions and VCCs were required to obtain prescribed identifier information for persons identified along a customer’s ownership or control chain when identifying the customer’s ultimate beneficial owners.

MAS has indicated that it intends to revise this requirement. Instead of making it mandatory to obtain the prescribed nine identifiers for every legal person or legal arrangement in the ownership or control chain, an FMC or VCC will be required to obtain adequate information to understand the chain of ownership or control and accurately identify the natural persons who are the ultimate beneficial owners. The prescribed five identifiers must still be obtained for the natural persons identified as the ultimate beneficial owners.

On 19 August 2026, MAS announced three measures intended to strengthen Singapore’s competitiveness as a leading asset management hub:

  • a tax exemption for qualifying profit-related returns arising from the provision of fund management services to qualifying funds;
  • a new hedge fund investment programme intended to anchor leading hedge fund managers in Singapore; and
  • a new Investment Management Track under the Overseas Networks & Expertise Pass (“ONE Pass”) framework to attract global leaders and senior investment professionals in asset management.

On 24 August 2026, MAS issued a circular announcing 1) the publication of new FAQs on the misconduct reporting requirements under the Financial Advisers Act 2001, Insurance Act 1966 and Securities and Futures Act 2001 (“SFA”); and 2) the discontinuation of the existing misconduct reporting system from 1 January 2027.

On 26 August 2026, MAS issued Circular AMLD 08/2026, Circular on Alert List of Persons Involved in Terrorism or Terrorism Financing Activities. The circular applies to all financial institutions and replaces the Alert List dated 23 December 2025 with a revised Alert List, effective immediately.

The Alert List contains identification details of persons known to have been involved in terrorism or terrorism-financing-related activities. MAS emphasised that the list is not exhaustive and should be considered together with the persons specified in the First Schedule to the Terrorism (Suppression of Financing) Act 2002 (“TSOFA”), which was also updated on 26 August 2026.

FMCs are required to review and screen their existing business relationships and transactions against both the revised Alert List and the updated First Schedule to the TSOFA.

The revised Alert List must be kept strictly confidential. It may be shared within the financial group where this facilitates screening and compliance with the TSOFA, but it must not be used for any other purpose. Appropriate safeguards must be maintained to preserve its confidentiality, including where the list is shared within the group. For this reason, the names and identification details contained in the Alert List should not be reproduced in external communications.

On 31 August 2026, MAS announced that prohibition orders had been issued under the Financial Services and Markets Act 2022 against Mr Huang Wenhui and Ms Han Yixuan. The orders were imposed for periods of one year and four years respectively in connection with their abetment of a false-trading and market-rigging scheme involving Mr Gui Boon Sui.

FMCs should ensure that market-conduct concerns are considered together with their misconduct reporting and fit and proper obligations.

On 31 August 2026, MAS announced a commitment of S$220 million over three years under the renewed Financial Sector Technology and Innovation Scheme, or “FSTI 4.0”. The scheme is intended to strengthen Singapore’s financial technology ecosystem and accelerate innovation and technology adoption across the financial sector. This includes grants for innovation.