Subscribe
Share
Share
Embed
Covering Compound, AML, Receipt Issuance, Capital Markets, Artificial Intelligence. Explore key regulatory developments in Compound, AML, Receipt Issuance, Capital Markets, and Artificial Intelligence sectors, including IOSCO's AI toolkit, MAS client verification guidance, and environmental measures in Singapore.
Regulatory news, updates, and insights for countries in the ASEAN region presented by the Carver Agents team
Welcome to Carver's ASEAN Regulatory Updates for May 31, 2026.
The International Organization of Securities Commissions, or IOSCO, has published a new Supervisory Toolkit addressing the lifecycle of artificial intelligence systems used by regulated entities in capital markets. This toolkit covers governance, risk management, third-party risk, disclosure, recordkeeping, and reporting. IOSCO highlights the importance of monitoring AI adoption to address risks such as complexity, transparency, and cyber threats, thereby supporting investor protection and market integrity.
In Singapore, the National Environment Agency announced new measures to reduce emissions from refrigeration and air-conditioning equipment. Starting July 2027, new commercial refrigeration systems must use refrigerants with a global warming potential, or GWP, not exceeding 150. From July 2028, new air-conditioning systems in passenger cars and light goods vehicles must also comply with these GWP limits. Companies dismantling specified equipment must register with the NEA and follow proper refrigerant disposal procedures beginning July 2027.
Also in Singapore, a driver was fined 8,000 Singapore dollars for illegal dumping of office furniture and partitions along Joo Yee Road. This enforcement action under the Environmental Public Health Act 1987 underscores Singapore’s commitment to deterring environmental pollution and protecting public health. The NEA encourages the public to report illegal dumping incidents with details such as date, time, location, vehicle registration, and supporting media.
The Monetary Authority of Singapore, or MAS, issued a circular guiding financial institutions on risk-proportionate client Source of Wealth verification. MAS emphasizes applying principles of materiality and relevance to avoid unnecessary steps. The Private Banking Industry Group, or PBIG, provided process enhancement tips to improve account opening efficiency. Additionally, MAS and the Singapore Bullion Market Association established a working group to strengthen Singapore’s position as a trusted gold trading hub amid global uncertainties.
In Malaysia, Bank Negara Malaysia imposed a compound of 17,400 ringgit on Rashidiya Trading Sdn. Bhd. for failing to issue receipts as required under money services business regulations. This enforcement highlights the central bank’s commitment to ensuring proper transaction record-keeping and protecting customers. Money Services Business licensees must issue receipts for money-changing transactions in the prescribed form and maintain adequate management oversight and staff awareness to ensure compliance.
Finally, Bank Negara Malaysia welcomed the launch of the Social Exchange platform operated by LC Wakaful Digital Sdn Bhd. The platform introduces regulatory guidelines for operators and participating non-profit organisations to enhance transparency, governance, and accountability in social impact fundraising. Operators must comply with Securities Commission Malaysia Guidelines on Social Exchange Platforms, while non-profit organisations must meet specific eligibility criteria. Donors and investors will benefit from clearer visibility on fund utilisation and outcomes.
That wraps up today’s regulatory updates. Visit carveragents.ai for more information.