Singapore
The Inland Revenue Authority of Singapore (IRAS) issues updated FATCA FAQs
FAQ B.8 under the Identification and Reporting Obligation section has been updated to remind Reporting SGFIs to follow the procedures outlined in ‘Notice 2023-11’ to avoid being deemed in significant non-compliance with the FATCA obligation.
Malaysia
FATCA reporting deadline extension
The deadline for filing FATCA reportable information and nil returns for the year 2023 has been extended to July 31, 2024. The reporting deadline for 2024 and subsequent years is June 30th of the following year.
Macau
Updated List of Participating jurisdictions under CRS regime (effective date 2025.01.01)
The Financial Services Bureau (Direcção dos Serviços de Finanças) issued a list of participating jurisdictions of the Common Reporting Standard (effective from 2025.01.01) which includes 94 jurisdictions.
Australia
APRA Releases Minor Updates to Capital Framework for ADIs
On June 26, 2024, APRA released minor amendments to the capital framework for authorised deposit-taking institutions, updating final prudential standards APS 112 and APS 113 and reporting standards ARS 110, ARS 112, ARS 113, and ARS 115. APRA also updated prudential guides APG 110, APG 112, and APG 113. The changes are minor and technical in nature. The guides will take effect in June 2024, while the standards will become effective from September 30, 2024.
APRA Publishes Updated APRA Connect ADI Taxonomy Artefacts
On June 27, 2024, APRA released updated APRA Connect ADI taxonomy artefacts for reporting standards ARS 110.0 (Capital Adequacy) and ARS 115.0 (Capital Adequacy: Standardised Measurement Approach to Operational Risk), effective for the reporting period ending September 30, 2024. The updates include amended forms’ layout, updated schemas, and revised validation rules for the mentioned collections.
