Response to "Loopholes found in global insurance sector" (Business Times, 13 June 2005)
I refer to "Loopholes found in global insurance sector" (Business Times, 13 June 2005) that suggests the Singapore life insurance industry is exempt from anti-money laundering (AML) rules. This is not accurate.
2 Life insurers in Singapore are required to institute rigorous AML procedures, benchmarked against international standards recommended by the Financial Action Task Force.
3 MAS Notice 314 on Prevention of Money Laundering requires life insurers to implement various AML procedures including specific procedures for customer identification, retention of financial transaction documents and reporting of suspicious transactions. They must also comply with the relevant laws and cooperate with law enforcement agencies.
Angelina Fernandez Director (Communications) Monetary Authority of Singapore