Is This Firm Licensed? Using MAS’s Directory and Investor Alert List Before You Invest

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4–6 minutes

By The Ledger desk · Last verified 4 October 2026

The quickest way to check whether an investment firm is licensed in Singapore is to search the MAS Financial Institutions Directory, which shows whether a company is regulated by the Monetary Authority of Singapore and which activities it may carry out. Then check the person selling to you in the Financial Institution Representatives Register, and search the Investor Alert List (IAL), which names unregulated firms that may have been wrongly perceived as licensed by MAS. Remember the catch: MAS says the IAL is not exhaustive, so a firm that is not on it is not automatically safe. If a firm is not in the directory, you lose MAS’s protections, and victims of unregulated operators rarely get their money back.

Five minutes of checking is the cheapest insurance you will ever buy. Here is how to do it properly.

Quick facts

  • The Financial Institutions Directory is free to search on MAS’s eServices site.
  • A listing shows the firm’s licence type, so you can see if it may actually do what it is offering you.
  • The representatives register lets you check that a named adviser or dealer is a representative of a regulated firm.
  • The IAL is compiled from public feedback and documentary evidence, and is updated regularly.
  • MAS regulates only entities and persons with a presence in Singapore; overseas operators fall outside its oversight.
  • Not sure if it is a scam? The ScamShield Helpline is 1799, 24 hours a day.

Which tool tells you what?

ToolWhat it tells youWhat it does not tell you
Financial Institutions DirectoryWhether a firm is regulated by MAS and the activities it is licensed or authorised forWhether a particular product is a good investment
Financial Institution Representatives RegisterWhether a named person is a representative of a regulated firm, and for which activitiesWhether the person contacting you is really that person
Investor Alert ListUnregulated firms that may have been wrongly perceived as MAS-licensed or regulatedAnything about firms not on it; MAS says the list is not exhaustive
ScamShield (1799)Help deciding whether a call, message or offer is a scamA firm’s licensing status, which you check with MAS

How to check a firm, step by step

  1. Get the firm’s full legal name, not just a brand or app name.
  2. Search the Financial Institutions Directory and open the listing. Check that the licence covers what you are being offered, such as dealing in securities, fund management or financial advice.
  3. Compare contact details. Use the website and phone number in MAS’s listing, not the ones sent to you. Scammers often copy a real firm’s name and logo.
  4. Check the person in the representatives register, then call the firm on its listed number to confirm they work there.
  5. Search the Investor Alert List for the firm, the website and any associated names.
  6. Do the basic due diligence MoneySense suggests: business registration, address, track record, the people behind it, complaints, and how the returns are actually made.
  7. If anything does not match, stop. Call ScamShield on 1799 and report suspicious offers to the police.

Red flags that should stop you

  • Promises of high returns with little or no mention of risk.
  • Pressure to decide quickly, or a “limited slot” for insiders.
  • Vague or evasive answers about how your money is invested.
  • Returns that seem to come from new investors’ money rather than real business.
  • Requests to pay into a personal bank account or in crypto.
  • A website or contact number that differs from the MAS listing.

Why licensing matters

A licensed firm must meet MAS rules on conduct, capital and handling of customer money, and you have a route to complain, including to the Financial Industry Disputes Resolution Centre (FIDReC) where the firm is a member. With an unregulated operator, MoneySense warns, there is no accountability, and you give up the protections MAS regulation offers. That applies to operators in Singapore and overseas alike.

The WahLiao Verdict

Make the directory check a habit, as automatic as checking a price tag. If a firm is not in MAS’s directory, or its licence does not cover what it is selling, walk away, however friendly the person or however good the returns sound. If it is listed, still contact it only through the details MAS shows, because impersonation of real firms is common. And if your gut says something is off, a two-minute call to 1799 costs nothing.

Questions people ask

If a firm is not on the Investor Alert List, is it safe?

No. MAS says the list is not exhaustive and that firms absent from it are not necessarily credible. Check the Financial Institutions Directory instead.

Does being on the alert list mean the firm broke the law?

Not necessarily. It means MAS considers that the firm may have been wrongly perceived as licensed. Treat it as a strong warning to stay away.

What about overseas platforms I find online?

MAS regulates only firms with a presence in Singapore. If an overseas platform is not in the directory, you are relying entirely on foreign rules, if any, to get your money back.

I think I have already paid a scammer. What now?

Call your bank immediately to try to stop the transfer, lodge a police report, and call ScamShield on 1799 for guidance.

Sources: MAS, Financial Institutions Directory; MAS, Investor Alert List; MAS, reply on how the Investor Alert List works; MoneySense, dealing with unregulated persons; ScamShield, 24-hour helpline. The Ledger explains; it does not advise.

Read next: Scammed Through a Phishing Link? How the Shared Responsibility Framework Works · Money Lock and Anti-Scam Features · Back to The Ledger

For what’s worth it this week, with the bill shown, read The WahLiao Week.


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