Singapore Moneylenders Licence Solutions | Pre-licensing Assessment | Moneylenders Licence Application Management | Post-licensing Risk and Compliance Management

We offer a comprehensive set of solutions to help you obtain and maintain a Singapore Moneylender’s Licence issued by the Ministry of Law (MinLaw) under the Moneylenders Act 2008, tailored to:

• Your business goals and objectives
• Your client demographics
• Your countries of operation
• The size of your business
• The available human and technology resources
• Your risk appetite
• Your governance structure
• The products that you offer
• Singapore moneylenders' obligations covering risk and compliance management under financial laws and regulations, the applicable financial licensing requirements, AML/CFT laws, privacy laws, consumer protection laws, and more

We have designed our regulatory licensing solutions to help you navigate the complexities of the Singapore moneylenders' licensing regime in a commercially oriented and goal-focused manner, providing effective support for all stages of the Singapore moneylenders' licensing process, including but not limited to the following aspects:

• Singapore Moneylender Licence Guidance: Advising on a wide range of aspects associated with Singapore moneylender licence as it relates to your specific situation
• Pre-licensing assessment: Covering compliance gap analysis as well as risk and compliance assessment
• Pre-licensing support:
• Drafting the necessary policies and procedures to help you comply with the Singapore moneylenders' licensing conditions and financial markets' regulations
• Developing internal controls to help you meet your obligations under the Singapore moneylenders' licensing regime
• Singapore Moneylender Licence Application Support: Covering the entire licensing process
• Post-licensing Support: Covering
• Ongoing compliance advice
• Comprehensive second-line risk and compliance support, including leading the implementation of your risk management framework (RMF), compliance management framework (CMF), compliance monitoring program (CMP), compliance calendar and checklist, ongoing risk assessments, internal and external reporting, outsourced providers' management, and more
• AML/CFT advice
• AML/CFT compliance management
• Compliance assurance solutions, including compliance assurance program (CAP) development, implementation, and internal control testing

 

Service Coverage

This page is about the Singapore Moneylender’s Licence. In Singapore, any entity that carries on the business of moneylending to individuals (consumers) must hold a licence issued by the Registry of Moneylenders (ROM), a division of the Ministry of Law. Licensed moneylenders are subject to the Moneylenders Act 2008, Moneylenders Rules 2009, and related regulations covering advertising, interest rate caps, loan documentation, and borrower protections.

The regime primarily governs consumer moneylending, while lending to accredited investors, corporates, or institutions may fall outside the scope of the Moneylenders Act (depending on the structure). We offer support for Singapore Moneylender licence applications tailored to:

• Consumer finance companies offering unsecured personal loans
• Licensed moneylenders providing small-ticket credit
• Platforms offering microfinance to individuals in Singapore
• Community-based moneylending businesses
• Foreign moneylenders seeking to establish operations in Singapore
• Other Singaporean licensed money lenders

You can find more information about our Singapore moneylender licence solutions below.

 

Singapore Moneylenders’ Licensing Preparation

Pre-licensing Compliance Assurance

Our Singapore moneylender licence solutions cover the following focus areas:

• Compliance Goals Analysis: We review your business-specific goals and resources against the suitability criteria for a Singapore moneylender licence
• Initial Consultation: We provide guidance on potential risk and compliance issues that may arise during the moneylenders' licensing process
• Choosing the Right Jurisdiction: We assist in evaluating regulatory, risk, and compliance environments to determine the most suitable jurisdictions for your Singapore moneylender licence, tailored to suit your:

• business objectives,
• operational capacity,
• client base,
• markets of operations,
• and other relevant factors

• Gap Analysis: We identify gaps between your existing operations and regulatory requirements and help you align them in a commercially oriented manner
• Singapore Moneylender Licence Application Plan: We help you establish a roadmap to effectively meet the requirements for your Singapore moneylender licence.

 

Singapore Moneylender Licence Guidance

Selecting the right compliance model is crucial not only for navigating the licensing process but also for maintaining ongoing compliance and avoiding potential breaches. Our Singapore moneylenders' licensing solution covers:

• Compliance Model Selection: To help you best comply with the Singapore moneylenders' licensing regime and related risk and compliance obligations.
• Corporate Governance Model Selection: We offer practical guidance on establishing effective corporate governance practices that support your risk and compliance oversight.
• Operations Model Advisory: We advise you on optimising your operational and governance models to help you efficiently comply with the licensing requirements for deposit takes and lenders and other applicable regulated moneylenders' obligations, keeping in mind your specific circumstances, available resources and business goals.

 

Singapore Moneylender Licence and Entering MAS Regulated Environment

We help businesses transition from an unregulated environment to operating under the Singapore moneylenders' licensing regime, helping them meet their obligations as a Singapore moneylender licence holder.

We also assist already regulated businesses in aligning their existing risk and compliance management structures with the Singapore moneylenders' licensing regime requirements.

Our focus areas for this service include:

• New businesses
• Existing moneylenders operating in unregulated markets
• Regulated moneylenders that expand into foreign jurisdictions
• Financial institutions and/or service providers with established risk and compliance frameworks seeking to offer regulated deposit taking or lending services as a new product.

 

Multi-Jurisdictional Compliance

With years of experience managing risk and compliance obligations for businesses operating under multiple financial licences across various jurisdictions, we help businesses remain compliant with regulated moneylenders’ obligations globally.

 

Singapore Moneylender Licence and Wholesale Markets

Obtaining a Singapore Moneylender’s Licence may not be necessary or suitable for all businesses, particularly where lending activity is limited to corporates, institutions, or accredited investors. Such wholesale lending generally falls outside the scope of the Moneylenders Act, which is targeted at consumer protection.

We offer risk and compliance management solutions to assist wholesale or business lenders that:

• Operate exclusively in business lending markets
• Extend credit only to corporations, partnerships, or accredited investors
• Structure lending in a manner that qualifies for exemptions under the Moneylenders Act

We help these lenders manage obligations that may still apply, including:

• AML/CFT compliance under the Corruption, Drug Trafficking and Other Serious Crimes (Confiscation of Benefits) Act and the Terrorism (Suppression of Financing) Act
• Consumer protection and advertising restrictions, ensuring no inadvertent targeting of retail borrowers
• Oversight of outsourced service providers and risk management standards
• Data Management Laws and Regulations

Getting a Singapore moneylender licence may not always be the best fit for all. For example, a retail market expansion may not always align with your goals or the products you offer.

 

Singapore Moneylender Licence Application

We assist with your licence application through ongoing engagement in the moneylenders’ licensing process:

• Document Compilation and Review: We compile and review all required supporting documents to support your Singapore moneylender licence application.
• Application Form Completion: We help you complete the forms so that all material information is accurate and complete.
• Pre-Submission Review: We can arrange a pre-submission review session with key stakeholders to ensure all parts of your application are understood and agreed upon. This session aligns application details with the actual situation, removing ambiguity.
• Singapore Moneylenders' Licensing Process and Regulatory Liaison: We manage the end-to-end submission process, maintaining clear and effective communication channels throughout the licensing process.
• Timeline Management: We closely monitor and adhere to all necessary deadlines, providing timely updates and adjustments to keep the application process on track.

 

Resolving Singapore Moneylender Licence Issues

Having competent compliance advisors is crucial when licensing issues arise. Therefore, our Singapore moneylender licence solutions include a range of services to address and resolve these issues effectively:

• Remediation Solutions for Singapore Moneylender Licence Applicants: We address and remediate risk and compliance issues identified by regulators, helping your operations align with the Singapore moneylenders' licensing regime requirements.
• Specific Licence Conditions Compliance: We can help you manage additional conditions imposed on your Singapore moneylender licence, developing a tailored action plan to maintain compliance and facilitate the eventual removal of these conditions with minimal disruption to your business operations.

• Licensing Issues Handling: We address common licensing issues encountered during the moneylenders' licensing process, providing you with solutions to navigate and resolve these challenges efficiently.
• Further Information: You can visit our Compliance Remediation Solutions page for more information.

 

Post-Licensing Support

We offer a full range of ongoing risk and compliance solutions for licensed moneylenders. Our services include, but are not limited to:

Ongoing Risk and Regulatory Compliance

• Regulated Singapore Moneylenders’ Obligations Guidance: We can advise your risk, compliance, management and other teams on meeting the requirements of the Singapore moneylenders' licensing regime and other regulatory compliance obligations. You can visit our Compliance Consultancy Service page for more information.
• Regulatory Risk and Compliance Management: We provide dedicated compliance managers to manage your overall compliance. For more information, visit our Specialised Compliance Management Solutions page for Singapore Moneylenders.
• Compliance Assurance Solutions: As part of our compliance assurance solutions, we offer:
• Compliance Assurance Program (CAP) development and testing options
• Internal Controls Design option
• Internal Controls Testing option
• Internal AML/CFT Review option
• Statutory AML/CFT Audit option
• Compliance Training Solutions: We offer training programs to different teams on complying with:
• Regulated moneylenders' obligations for risk and regulatory compliance management. You can visit our Compliance Training page for more information.
• Singapore Moneylenders’ AML/CFT obligations and operational best practices for fraud prevention. You can visit our AML/CFT Training page for more information.
• Crisis Management Planning: We can develop proactive strategies to manage potential compliance crises effectively.
• Anti-Money Laundering (AML) and Counter Terrorist Financing Solutions: We provide a full range of AML/CFT solutions for moneylenders. For more information, visit our Specialised AML/CFT Solutions page for Finance Companies.
• Advanced Compliance Technologies: We can assist you with selecting and integrating advanced technology solutions, such as compliance automation tools and regulatory technology (RegTech), to streamline compliance processes without disrupting operations.
• Risk and Compliance Framework Adjustments: Including adjustments to risk management frameworks (RMFs), compliance monitoring programs (CMPs), compliance management frameworks (CMFs), and other core procedures and policies to align them with:
• new business goals
• regulatory changes
• changes in your operations
• evolving market conditions
• changes in stakeholders’ risk appetites (your banking partners, insurance companies, liquidity providers, etc.).

 

 

Risk and Compliance Obligations for Singapore Moneylender Licence Holders

Singapore moneylender licence holders are subject to various obligations set out in applicable laws and regulations. They are also expected to uphold standards for their conduct and internal operations, as outlined in regulatory guidance or accepted industry practices.

We can help you address these obligations and expectations through comprehensive support in the different areas. The list below is not exhaustive:

Singapore Moneylender Licence and Regulatory Compliance Obligations

• Compliance Management Systems: We can help you establish effective compliance programs, compliance monitoring plans, controls testing methodologies, compliance calendars and more (as per the requirements of the Moneylenders Act 2008)
• Risk Management Frameworks: We can help you develop comprehensive risk management frameworks to fulfil regulated moneylenders' obligations for identifying, assessing, and mitigating operational, regulatory, strategic, financial and other types of risks.
• Policy and Procedure Development: We can help you draft and implement policies and procedures aligned with the Singaporean moneylenders' licensing requirements (as per the Registrar’s Directions 2017 & 2019).
• Compliance Monitoring Plans: We can oversee the execution of your CMPs, covering ongoing monitoring of your compliance obligations under the moneylenders' licensing regime.
• Internal Control Testing and Compliance Assurance: We can conduct internal reviews and audits of your controls to test their effectiveness and compliance with the applicable regulatory standards (as per the Professional Service Handbook for Singaporean Licensed Money Lenders).
• Financial Auditing Standards: We can assist in establishing procedures to help you comply with the audit and assurance requirements under the Singapore moneylenders' licensing regime.
• Credit Contract Compliance: We can help you establish controls to comply with consumer lending and disclosure obligations applicable to moneylenders entering into regulated credit contracts, including hardship provisions and responsible lending requirements.
• Responsible Debt Recovery Procedures: We support moneylenders in designing compliant debt recovery policies, ensuring collection practices adhere to Moneylenders Act s 19 restrictions and Registrar’s Directions on fair practices.

 

Singapore Moneylender Licence and Operational Oversight Obligations

• Oversight of Outsourcing: We can establish a set of effective controls to comply with Singaporean moneylenders' licensing obligations for overseeing outsourced services, also covering related obligations under AML/CFT compliance, ISO requirements, and more.
• Structures for Governance: We can help you establish effective governance structures to comply with moneylenders' obligations and develop an effective approach to overseeing your risk exposure and compliance status across different functions of your business.
• Senior Management Accountability: We can help you comply with the moneylenders' obligations for senior management and key staff conduct and competence.
• Maintaining Operational Resilience: We assist in developing continuity plans to meet moneylenders' obligations for operational resilience, helping critical business services withstand disruptions.
• Managing Technology Risks: We provide guidance on technology risk management obligations under the Singaporean moneylenders' licensing regime.

 

Singapore Moneylender Licence and Market Integrity/Transparency Requirements

• Standards for Market Conduct: We can help you implement controls for moneylenders' obligations to maintain fair and transparent market conduct, including preventing manipulation and insider trading.
• Principles for Fair Treatment: We can help you implement controls to comply with expectations that cover adherence to principles of fair treatment and transparent communications with clients.
• Standards for Conduct and Disclosure: We can help you comply with moneylenders' licensing standards for conduct and disclosure.
• Product Suitability and Governance: We can establish tailored controls to help licensed moneylenders comply with product suitability and governance obligations, including risk management and governance arrangements across the product life cycle.
• Resolution of Disputes: We can help you establish effective mechanisms for dispute resolution and complaints management, particularly for retail clients.

 

Singapore Moneylender Licence and Resource Management Obligations

We can help you comply with the following requirements of the moneylenders' licensing regime:

• Adequacy of Resources: Covering financial, technological, human and other resources.
• Competence of Professionals: Covering key personnel, their necessary skills, knowledge, and professional competence.
• Our focus areas include:

• Assessment and Gap Analysis: We can help you evaluate the adequacy of your financial, technological, and human resources against the requirements of the licensing regime.
• Resource Allocation Plans: We can help you develop strategies to optimise resource allocation, covering sufficient capacity for compliance, operations, banking, customer support and other functions and departments.
• Technological Solutions: We can recommend and implement RegTech tools to streamline compliance processes, such as transaction monitoring, reporting, and audit trails.
• Key Personnel Assessment: We can help you assess the skills, qualifications, and experience of key personnel to identify areas for improvement.
• Training and Development Programs: We can design and deliver targeted compliance training programs to upskill personnel in compliance, risk management, deposit taking or lending regulations.
• Compliance Monitoring: We can help develop controls to monitor representatives' adherence to conduct and disclosure obligations.
• Ongoing Training: We can help you create a framework to support continuous education for advisors and representatives on licensing obligations, market integrity, and client interaction standards.
• Regulator Liaison: We can act as an intermediary with regulators to address queries and help you demonstrate compliance with resourcing obligations.

 

Singapore Moneylender Licence and Reporting

• Regulatory Reporting: We can help you prepare and submit periodic and ad-hoc reports covering:
  • Moneylenders' Licensing Obligations
  • Moneylenders' AML/CFT Obligations (STRs, SARs, cross-border transaction reports, cash transaction reports, and other reporting obligations)
  • Moneylenders' obligations under financial market conduct regulations
• Compliance Documentation: We can help you develop and maintain the necessary documentation to meet record-keeping obligations under various laws and regulations.
• Audit Readiness: We can prepare you for audits and reviews to demonstrate compliance with regulatory requirements, provisions of the Singapore moneylenders' licensing regime, applicable operational standards, and more.

 

Related Services

We assist in obtaining Singapore moneylender’s licence equivalents in the following jurisdictions:

• United Kingdom: For more information on the UK equivalent of a moneylender’s licence, the FCA consumer credit authorisation, you can visit our FCA Consumer Credit Authorisation page.
• Australia: For more information on the Australian equivalent of a moneylender’s licence, the Australian Credit Licence for Consumer Lending, you can visit our ACL page for Consumer Lending Platforms.
• New Zealand: For more information on the New Zealand equivalent of a moneylender’s licence, please visit our New Zealand FSP Registration page.
• Other Jurisdictions: We also offer licensing solutions for consumer lending platforms and services in prominent financial centres and offshore tax havens, including but not limited to:

• Cayman Islands
• Bermuda
• Gibraltar
• Isle of Man
• Malta