CONTENTS
HOME
OUR WORK - Managing Risks, Sustaining Growth
A MORE CHALLENGING POLICY ENVIRONMENT
MONETARY POLICY - PROVIDING AN ANCHOR FOR PRICE STABILITY OVER THE MEDIUM-TERM
MANAGING THE CHALLENGES OF INCREASED GLOBAL FINANCIAL UNCERTAINTY
A SOUND AND PROGRESSIVE FINANCIAL CENTRE
CURRENCY
 
MANAGING THE CHALLENGES OF INCREASED GLOBAL FINANCIAL UNCERTAINTY 20
 
International Financial Markets: Subprime Crisis 20
 
Asia: Resilient So Far But There Are Risks 23
 
Enhanced Surveillance and Supervision 24
 
Money Markets: Staying Vigilant 24
 
Business Continuity and Crisis Management 25
 
FATF Mutual Evaluation Exercise 2007/2008 26
 
AML/CFT Notice to SVF Holders 26
 
External Validation Performed Between Other Ministries' Internal Audit Departments and MAS 26
 
Box Story 2 - Audit Committee Guidance Committee 27
 
Risk Management Guidelines for Insurance Companies 28
 
Consumer Protection (Fair Trading) Act - Inclusion of Financial Products and Services 28
 
Corporate Governance of Listed Companies 28
 

AML/CFT Notice to SVF Holders

Stored value facilities (SVFs) or electronic money are means for making immediate and convenient payments for retail purchases. However, unlike traditional bank accounts, persons who purchase and use SVFs are often not required to provide any identification information. The convenience and anonymity of SVF transactions make SVFs possible vehicles for money laundering and terrorist financing. Given this risk, MAS issued "Notice to Holder of SVF - Prevention of Money Laundering and Countering the Financing of Terrorism" on 12 November 2007 requiring SVF holders to take preventive measures to limit the risk of SVFs being used for illegitimate purposes.