Consultation Paper on Proposed Amendments to the Monetary Authority of Singapore Notices to Financial Institutions on Prevention of Money Laundering and Countering the Financing of Terrorism
MAS proposed amendments to its notices to
financial institutions (FIs) on anti-money laundering and countering the financing of terrorism
(AML/CFT). The proposed amendments draw reference from international best practices and the
latest recommendations of the Financial Action Task Force (FATF), the global standard-setter for
measures to combat money laundering (ML), terrorist financing (TF), and the financing of
proliferation. Many of the proposed changes formalise existing supervisory expectations and
practices of FIs.
Requirements for direct life insurers to exercise due diligence and conduct their business with high ethical standards, to guard against money laundering and terrorism financing.