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.
Guidelines to MAS Notice 314 Notice on Prevention of Money Laundering and Countering the Financing of Terrorism – Life Insurers
These guidelines apply to all direct life insurers in relation to their life policies.
It provides insurers with guidance on the requirements in MAS Notice 314 on Prevention of Money Laundering and Countering the Financing of Terrorism. These guidelines should be read in conjunction with the Notice.