Monetary Authority of Singapore Annual Report 2012/2013
 

A TRUSTED FINANCIAL CENTRE

Strengthen Anti-Money Laundering/Countering the Financing of Terrorism Requirements for Financial Institutions

Singapore participates actively in global efforts to combat money laundering, terrorism financing and proliferation financing. As a member of the Financial Action Task Force (FATF), Singapore is fully committed to enhancing our regulatory regime to be in line with the revised FATF Standards. Financial institutions operating in Singapore are required to comply with MAS requirements, which include the MAS Notice on the Prevention of Money Laundering and Countering the Financing of Terrorism (AML/CFT). Financial institutions are required to identify and know their customers, including beneficial owners, to conduct regular account reviews, and to monitor and report any suspicious transactions. We will continue to work in partnership with the industry to protect our financial sector against threats from cross-border crimes.

In line with the revised FATF’s recommendations, Singapore will criminalise the laundering of proceeds from serious tax crimes from 1 July 2013. A public consultation exercise was carried out to gather industry views and feedback on the proposal. MAS has responded to the feedback received and has also issued further guidance to the industry to facilitate effective implementation of this new FATF requirement.

In addition to meeting the existing international AML/CFT requirements on suspicious transactions reporting, MAS also issued new notices requiring financial institutions to report to MAS suspicious activities and incidents of fraud where such activities/incidents are material to the safety, soundness or reputation of the financial institution. Financial institution board members are also required to attend training on AML/CFT.