Guidelines for merchant banks on Notice 1014 for the prevention of money laundering and countering the financing of terrorism.
Notice 1014 Prevention of Money Laundering and Countering the Financing of Terrorism – Merchant Banks
Requirements for merchant banks on anti-money laundering (AML) and countering the financing of terrorism (CFT).
Merchant banks operating in Singapore are required to put in place robust controls to detect and deter the flow of illicit funds through Singapore's financial system.
Such controls include the need for financial institutions to identify and know their customers (including beneficial owners), to conduct regular account reviews, and to monitor and report any suspicious transaction. The AML/CFT requirements for merchant banks can be found in this notice, which includes the following:
- Risk assessment and risk mitigation.
- Customer due diligence.
- Reliance on third parties.
- Correspondent banking and wire transfers.
- Record keeping.
- Suspicious transaction reporting.
- Internal policies, compliance, audit and training.
- 24 May 2015
- MAS Notice 1014 dated 24 April 2015 takes effect, except for paragraphs 4, 5, 15.6 and 15.7 which takes effect from 24 July 2015.
- 02 Jul 2007
- MAS Notice 1014 dated 02 July 2007 takes effect.