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.
Anti-Money Laundering
Singapore supports global efforts to combat money laundering, terrorism financing and proliferation financing. Maintaining a clean and trusted financial centre is important given our role as an international business hub. Find out more about MAS' regime to combat financial crime.
Overview
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.
Sustained effort and unstinting vigilance will be needed on the part of industry players to manage the risk of illicit finance and keep our financial centre clean.
- Ravi Menon, Managing Director, MAS
MAS Annual Report 2016/2017
Our Role in International Standard Setting
Singapore is an active member of the Financial Action Task Force (FATF), the global standard setting and oversight body for AML/CFT. As co-chair of its Policy Development Group, Singapore collaborates closely with fellow AML/CFT policy makers and supervisors to develop international standards. We are also a founding member of the Asia / Pacific Group on Money Laundering.
Regulations and Guidance
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.
The requirements and expectations on financial institutions are set out in MAS' AML/CFT Notices, Guidelines, and other Guidances on MAS' supervisory expectations.
Financial institutions should also refer to:
- AML/CFT announcements and media releases for information on high-risk jurisdictions.
- AML/CFT Guidance Papers issued by international bodies, including the FATF.
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. More information can be found here.
Under the MAS Act , 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.
What's New
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FATF Report on Virtual Assets Red Flag Indicators of Money Laundering and Terrorist Financing
Financial Action Task Force (FATF) report on red flag indicators to assist financial institutions in identifying and reporting potential money laundering and terrorist financing activities involving virtual assets
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Effective AML/CFT Controls in Private Banking
Sets out MAS’ supervisory expectations of effective AML/CFT controls in the private banking industry. The paper follows from a series of thematic inspections on private banks (“PBs”), and supplements the MAS’ Guidance on Private Banking Controls issued in 2014.
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Consultation Paper on the New Omnibus Act for the Financial Sector
This consultation seeks views on the harmonised and expanded power to issue prohibition orders, the regulation of virtual asset service providers created in Singapore for anti-money laundering and countering of financing of terrorism purposes, the harmonised power to impose requirements on technology risk management, and the provision of statutory protection from liability to mediators, adjudicators and employees of an operator of an approved dispute resolution scheme.
- Consultation number:
- P002-2020
- Start date:
- 21 July 2020
- Closing date:
- 20 August 2020
- Status:
- Open
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Remote Gambling Act Order
Payment Blocking Order to financial institutions, issued pursuant to section 21(3) of the Remote Gambling Act 2014.
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Strengthening Capital Markets Intermediaries’ Oversight over AML/CFT Outsourcing Arrangements
Sets out MAS’ supervisory expectations of sound practices where AML/CFT control functions are outsourced. The paper is based on inspections of capital markets intermediaries, but the takeaways are applicable to other financial institutions, with the appropriate calibrations.