MAS Strengthens Regulations against Money Laundering and Terrorism Financing
The Monetary Authority of Singapore (MAS) today issued revised Notices to financial institutions (FIs) on anti-money laundering (AML) and countering the financing of terrorism (CFT).
The revisions are benchmarked against international best practices and the latest recommendations of the Financial Action Task Force (FATF), the global standard-setter for AML/CFT measures.
Key changes to the AML/CFT Notices include:
a) requiring more comprehensive enterprise-wide ML/TF risk assessment to complement risk assessment of individual customers;
b) elaborating on the requisite steps to identify and verify beneficial ownership of companies, LLPs and trusts;
c) introducing a new category of Politically Exposed Persons (PEPs)1; and
d) additional requirements for cross-border wire transfers exceeding S$1,500.
Industry feedback was sought and incorporated into the revised AML/CFT Notices. Details are set out in MAS’ response to the industry feedback. MAS has also updated the Guidelines to the AML/CFT Notices to provide additional supervisory guidance.
Mr Ong Chong Tee, Deputy Managing Director, MAS, said, “Singapore is committed to the global effort to combat transnational crime. The financial sector is an important stakeholder. MAS requires financial institutions to implement rigorous anti-money laundering and counter-terrorism financing (AML/CFT) measures to detect and deter illicit funds. This latest round of revisions to the AML/CFT Notices and Guidelines is an affirmation of our continued vigilance to stem such risks.”
The revised MAS AML/CFT Notices and Guidelines can be found at http://www.mas.gov.sg/Regulations-and-Financial-Stability/Regulatory-and-Supervisory-Framework/Anti-Money-Laundering-and-Countering-the-Financing-of-Terrorism/Notices-and-Guidelines.aspx.
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