Notices
Last Revised Date: 30 November 2015

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.

This notice applies to all direct life insurers in relation to their life policies.

It sets out:

  • Requirements on money laundering and terrorism financing risk assessment and mitigation measures.
  • Customer due diligence (CDD) measures required before and after establishing business relations with any customer.
  • Requirements regarding reliance on third parties, record keeping, access to personal data, and reporting of suspicious transactions to the authorities.
  • Required procedures and controls for internal policies, compliance, audit and training.