Guidelines
Guidelines on Prevention of Money Laundering and Countering the Financing of Terrorism - Direct General Insurance Business, Reinsurance Business, and Direct Life Insurance Business (Accident & Health Policies)
Guidelines on processes and controls to prevent money laundering and countering the financing of terrorism, in relation to general insurance and reinsurance business as well as business related to accident and health policies.
These guidelines apply to all insurers.
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The guidelines are organised into four key areas:
- Management Oversight, Policies and Training;
- Customer Due Diligence and Screening Procedures;
- Record Keeping and Documentation; and
- Assessment and Reporting of Suspicious Transactions.
Related to this Item
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NoticesLast Revised Date: 01 March 2022
Notice 314 Prevention of Money Laundering and Countering the Financing of Terrorism – Life Insurers
Requirements for direct life insurers to exercise due diligence and conduct their business with high ethical standards, to guard against money laundering and terrorism financing.
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FAQsPublished Date: 29 November 2019
FAQ on MAS Guidelines on Prevention of Money Laundering and Countering the Financing of Terrorism - Direct General Insurance Business, Reinsurance Business, and Direct Life Insurance Business (Accident & Health Policies)
Provides clarifications to some frequently asked questions on MAS Guidelines on Prevention of Money Laundering and Countering the Financing of Terrorism - Direct General Insurance Business, Reinsurance Business, and Direct Life Insurance Business (Accident & Health Policies)
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GuidelinesLast Revised Date: 30 November 2015
Guidelines to MAS Notice 314 Notice on Prevention of Money Laundering and Countering the Financing of Terrorism – Life Insurers
Guidelines for direct life insurers on the requirements in MAS Notice 314 on Prevention of Money Laundering and Countering the Financing of Terrorism, in relation to their life policies.