Notice 3001 Prevention of Money Laundering and Countering the Financing of Terrorism - Holders of Money-Changer's Licence and Remittance Licence [Cancelled]
Requirements for holders of money-changer’s licences and remittance licences on anti-money laundering (AML) and countering the financing of terrorism (CFT).
Holders of money-changer’s and remittance licences 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 money-changer’s and remittance licence holders can be found in this notice, which include 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.