AML/CFT Industry Partnership (ACIP)
Access ACIP best practice papers for guarding against trade-based money laundering and the misuse of company structures for illicit purposes.
Combating money laundering, terrorism financing and proliferation financing are priorities for MAS. We require our financial institutions to have sufficiently robust controls to detect and deter such illicit activities. We also partner the industry to bolster their defences, by engaging them on emerging risks, evolving criminal typologies and industry best practices. MAS is firmly committed to safeguarding Singapore as a clean and trusted financial centre.
- Ravi Menon, Managing Director, MAS
MAS Annual Report 2016/2017
The controls that MAS requires of financial institutions include the need to identify and know their customers (including beneficial owners), conduct regular account reviews, and monitor and report any suspicious transaction.
Financial institutions should also refer to:
Financial institutions must also comply with MAS regulations which give effect to obligations arising from the United Nations Security Council Resolutions to combat proliferation financing. They must also comply with obligations to combat terrorism financing, such as those found under the Terrorism (Suppression of Financing) Act.
In response to Russia's invasion of Ukraine, the Singapore Government has imposed sanctions and restrictions against Russia. All financial institutions must comply with the financial measures set out in the Notices.
Under the , a financial institution that fails or refuses to comply with any 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 for each offence.
This Circular sets out MAS’ key observations and supervisory expectations for effective AML/CFT frameworks and controls that VCCs and their appointed EFIs should note.
This information paper follows from a series of anti-money laundering and countering the financing of terrorism (AML/CFT) thematic inspections and engagements conducted by MAS of selected external asset managers. It sets out MAS’ supervisory expectations for effective AML/CFT frameworks and controls and includes good practices and illustrative examples observed.
Read MAS' announcement on the June 2022 FATF Statement highlighting jurisdictions with strategic deficiencies in AML/CFT.
Read MAS' announcement on the March 2022 FATF Statement highlighting jurisdictions with strategic deficiencies in AML/CFT.
Requirements for payment service providers (other than a digital payment token service provider) on anti-money laundering (AML) and countering the financing of terrorism (CFT)