Singapore introduces Protection from Scams Bill

The legislation comes as scam cases increased by almost 5x between 2019 and 2023, with $650m lost in 2023 alone.

The Bill introduces Restriction Orders (ROs) which:

• Can be issued by Police and restrict banking transactions of individuals if there is reasonable belief that transfers will be made to a scammer;
• Can initially be up to 30 days long, although this period can be extended up to 5 times;
• Will only apply to scams conducted substantially via digital or telecommunication channels;
• Will by default be issued to the 7 Domestic Systemically Important Banks in Singapore, the major retail banks which manage most of the country’s consumer deposits.

✅ Firms with operations in Singapore should review the bill to ensure their anti-scam practices are in line with expectations and legislation.

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