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.
Last Revised Date: 08 February 2022
AMLD 01/2022: Circular on Non-Face-to-Face Customer Due Diligence Measures
This Circular sets out industry good practices observed by MAS and supervisory guidance on the measures to mitigate risks associated with the use of non-face-to-face technologies for customer due diligence.
Applies to: Full Bank (Branch) , Merchant Bank (Branch) , Merchant Bank (Locally Incorporated) , Full Bank (Locally Incorporated) , Wholesale Bank (Branch) , Finance Company , Wholesale Bank (Locally Incorporated) , Direct Insurer (Life) , Reinsurer (Life) , Approved CIS Trustee , Benchmark Administrator/Submitter , Central Securities Depository , Clearing House , Corporate Finance Advisory , Credit Rating Agency , Dealing in Capital Markets Products , Exempt Capital Markets Services Entity , Exempt Corporate Finance Adviser Serving Accredited Investors , Exempt Futures Broker , Exempt OTC Derivatives Broker , Foreign Fund Manager , Holding Company of Exchange or Clearing House , Licensed Fund Management Company , Members of Public , Markets and Exchanges , OTC Counterparties , Money Broker , Product Financing , Providing Custodial Services , Registered Business Trust , Registered Fund Management Company , REIT Management , Securities Crowdfunding , Venture Capital Fund Management Company , Trade Repository , Exempt Financial Adviser , Exempt Financial Adviser Serving up to 30 Accredited Investors , Licensed Financial Adviser , Registered Insurance Broker , Exempt Insurance Broker , Approved Insurance Broker , Lloyd's Broker , Technology , Exempt Trust Company , Licensed Trust Company , Exempt Person Providing Trust Services , Credit/Charge Card Issuer , Credit and Charge Card Licensee , Designated Payment System Operator , Designated Payment System Settlement Institution , Standard Payment Institution , Major Payment Institution , Money-changing Licensee