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, former 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 anti-money laundering and countering the financing of terrorism (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.
Notices
Read requirements for financial institutions that are set out in MAS’ AML/CFT Notices
Guidelines
Read supervisory expectations for financial institutions that are set out in MAS’ AML/CFT Guidelines to MAS’ AML/CFT Notices
Other MAS Guidance
Read supervisory expectations for financial institutions that are set out in other MAS Guidance
Announcements
Read AML/CFT-related announcements and media releases
Other AML/CFT Guidance Papers
Read guidance papers issued by other organisations and partnerships, including FATF and ACIP
Targeted Financial Sanctions
Financial institutions, non-financial institutions and individuals in Singapore are required to comply with the relevant sanctions requirements in relation to UN-designated individuals and entities. In addition, financial institutions would have to comply with the MAS Notice, “Financial measures in relation to Russia”.
Financial institutions must also comply with the various Regulations made pursuant to section 192, read with sections 15(1)(b) and 219(d), of the Financial Services and Markets Act 2022 to discharge or facilitate the discharge of Singapore’s obligations by virtue of decisions of the Security Council of the United Nations. They must also comply with obligations to combat terrorism financing such as those found in the Terrorism (Suppression of Financing) Act 2002.
Under the Financial Services and Markets Act 2022 , a financial institution that fails or refuses to comply with any requirements in the applicable AML/CFT Notice is guilty of an offence and is liable on conviction to a fine not exceeding $1 million for each offence. In the case of a continuing offence, such a financial institution will be subject to a further fine of $100,000 for every day or part of the day during which the offence continues after conviction.
COSMIC
COllaborative Sharing of ML/TF Information & Cases (COSMIC) is a digital platform where financial institutions (FIs) collaborate to detect criminal activities. COSMIC allows FIs to securely share with one another, information on customers who exhibit multiple “red flags” that may indicate potential financial crime concerns, if stipulated thresholds are met. This makes it easier for FIs to detect and thereby deter criminal activity.
Resources
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.
Suspicious Transaction Reporting
Download Suspicious Transaction Report (STR) forms and file them through the STRO Online Notices And Reporting (SONAR) platform. It collects machine readable structured data for better analytics.
What's New
-
Inter-Ministerial Committee Publishes Recommendations to Strengthen Singapore's Anti-Money Laundering Framework: ‘Proactive Prevention, Timely Detection, Effective Enforcement
The Inter-Ministerial Committee (IMC) released its report today to share the findings and recommendations following a review of Singapore’s Anti-Money Laundering (AML) framework.
-
Singapore Refreshes the Terrorism Financing National Risk Assessment and National Strategy for Countering the Financing of Terrorism
Singapore published today its updated Terrorism Financing National Risk Assessment and National Strategy for Countering the Financing of Terrorism as part of its continuous efforts to deal with the threat of terrorism.
-
Singapore Publishes National Asset Recovery Strategy
The National Asset Recovery Strategy sets out Singapore's comprehensive approach towards the recovery of illicit funds and assets from criminals, and the forfeiture of these assets or their return to victims.
-
Singapore Issues Environmental Crimes Money Laundering National Risk Assessment
Singapore published today an Environmental Crimes Money Laundering (ML) National Risk Assessment which identifies the key threats and vulnerabilities in environmental crimes ML that Singapore is exposed to, and outlines mitigation measures which government agencies, financial institutions and Designated Non-Financial Businesses and Professionals can develop to address the risks.
-
MAS Expands Scope of Regulated Payment Services; Introduces User Protection Requirements for Digital Payment Token Service Providers
MAS introduced amendments to the Payment Services Act (PS Act) and its subsidiary legislation to expand the scope of payment services regulated by MAS, and to impose user protection and financial stability-related requirements on digital payment token (DPT) service providers.