Circulars
Circular on Enhancing Anti-Money Laundering and Countering the Financing of Terrorism Controls in the VCC Sector
MAS conducted an industry-wide survey of Variable Capital Companies (VCCs) and a series of thematic engagements of eligible financial institutions (EFIs) to assess the effectiveness of their AML/CFT risk management and controls. 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. VCCs should read this Circular in conjunction with the MAS Notice VCC-N01 [1] and Guidelines to Notice VCC-N01 [2].
While this Circular is premised on MAS’ observations in the VCC sector, the takeaways are applicable and relevant to other types of financial institutions (FIs), with the appropriate calibrations. FIs should note the learning points, and continue to implement appropriate AML/CFT controls that are commensurate with the nature and complexity of business.
[1] Please refer to MAS’ website at https://www.mas.gov.sg/regulation/notices/notice-vcc-n01 .
[2] Please refer to MAS’ website at https://www.mas.gov.sg/regulation/guidelines/guidelines-to-mas-notice-vcc-n01-on-prevention-of-money-laundering-and-cft .
Applies to:
Capital Markets Services
Related to this Item
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NoticesLast Revised Date: 01 March 2022
Notice VCC-N01 Prevention of Money Laundering and Countering the Financing of Terrorism – Variable Capital Companies (VCCs)
Requirements for Variable Capital Companies on anti-money laundering (AML) and countering the financing of terrorism (CFT).
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GuidelinesPublished Date: 04 December 2020
Guidelines to Notice VCC-N01 on Prevention of Money Laundering and Countering the Financing of Terrorism – Variable Capital Companies
Guidelines for variable capital companies on Notice VCC-N01 on the prevention of money laundering and countering the financing of terrorism.