SINGAPORE Law and Practice Contributed by: Kenneth Pereire and Lin YingXin, KGP Legal LLC
12.3 Responsibility for Losses In Singapore, fintech service providers can be liable for customer losses due to contract breaches, negli - gence, fraud or regulatory violations. Providers may be held accountable for failing to execute transac - tions, protecting customer data or complying with AML/CFT and PDPA regulations. Although liability can be limited by contractual clauses, these cannot exclude negligence or breach of contract. Under the Consumer Protection (Fair Trading) Act 2003, unfair practices may result in customer compensation. Providers must also secure platforms against cyber- attacks, with inadequate security leading to liability. Disputes must be resolved transparently in line with MAS regulations.
• Section 416A – Illegally obtained personal informa - tion; • Section 417 – Punishment for cheating; and • Section 419 – Punishment for cheating by persona - tion. 12.2 Areas of Regulatory Focus In recent years, the types of fraud which had the high - est average losses in Singapore are as follows: • government officials’ impersonation scams; • investment scams; • job scams; • e-commerce scams; • fake friend call scams; • phishing scams; • market manipulation; • money laundering and terrorist financing; and • cyber fraud. MAS has identified enhanced supervisory focus areas including misconduct within the digital asset ecosys - tem, increased individual accountability through the use of prohibition orders, and greater cross-border co-operation in combating financial crime. These developments reflect MAS’s continued emphasis on robust “fit and proper” standards, effective deter - rence of financial misconduct, and the mitigation of risks arising from increasingly digital and cross-border financial activities.
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