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.
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.
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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National Strategy for Countering the Financing of Terrorism (CFT)
Taking into account the findings of the Terrorism Financing National Risk Assessment (TF NRA) 2020 , Singapore formulated our National Strategy for Countering the Financing of Terrorism (CFT). The National CFT Strategy forms the blueprint that outlines Singapore’s national approach to address our TF risks and serves as...
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Terrorism Financing National Risk Assessment 2020
The TF NRA seeks to further deepen the understanding by law enforcement agencies, supervisors/regulators and the private sector of Singapore’s key TF threats and vulnerabilities, so that appropriate prevention and mitigation measures may be taken.
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Singapore announces Five-Pronged Strategy to Counter the Financing of Terrorism
Singapore announces Five-Pronged Strategy to Counter the Financing of Terrorism
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Circular on Enhancing Anti-Money Laundering and Countering the Financing of Terrorism Controls in the VCC Sector
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.
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Strengthening AML/CFT Practices for External Asset Managers
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.