Anti-Money Laundering / Countering the Financing of Terrorism

Financial institutions operating in Singapore are required to put in place robust controls to detect and deter the flow of illicit funds through Singapore's financial system. Such controls include the need for financial institutions to identify and know their customers (including beneficial owners), to conduct regular account reviews, and to monitor and report any suspicious transaction. The requirements on financial institutions are set out in MAS’ Notices on the Prevention of Money Laundering and Countering the Financing of Terrorism (AML/CFT Notices).

Financial institutions should also refer to Guidance Papers for good practices for combating money laundering and terrorism financing, and AML/CFT Announcements for information on high risk jurisdictions as well as other news.

Under the MAS Act, a financial institution that fails or refuses to comply with the requirements of its applicable AML/CFT Notice is guilty of an offence and will be liable on conviction to a fine not exceeding $1 million.

Last Modified on 26/11/2016