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)

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.

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.

Guidance to direct life insurers on strengthening their controls for preventing money laundering and terrorism financing. The observations were drawn from MAS’ review of the AML/CFT practices of insurers.

Requirements for insurers to report suspicious activities and incidents of fraud.