Notices
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.
Issued pursuant to:
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.
Amendment Notes
- 01 Mar 2022
- Notice 314 (Amendment) 2022 (275.6 KB) takes effect from 01 Mar 2022.
- 28 Jun 2021
- Notice 314 (Amendment) 2021 (441.9 KB) takes effect from 1 July 2021.
- 30 Nov 2015
- Notice 314 (Amendment) 2015 (33.7 KB) takes effect.
- 24 Apr 2015
- Notice 314 dated 24 Apr 2015 (224.5 KB) [Cancelled with effect from 30 Nov 2015]
- 01 Jul 2014
- Notice 314 (Amendment) 2014 (73.7 KB) takes effect. Notice 314 last revised on 1 July 2014 (197.8 KB).
- 23 Jan 2013
- Notice 314 (Amendment) 2013 (122.9 KB) takes effect. Notice 314 last revised on 23 January 2013 (215.8 KB).
- 02 Dec 2009
- Notice 314 (Amendment) 2009 (11.7 KB) takes effect. Notice 314 last revised on 2 December 2009 (87.5 KB).
- 02 Jul 2007
- Notice 314 dated 2 Jul 2007 (41.6 KB) takes effect.
Related to this Notice
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NoticesPublished Date: 08 October 2021
Notice FAA-N25 to Licensed Financial Advisers and Specified Exempt Financial Advisers in relation to Cross-Border Arrangements under the Financial Advisers (Exemption for Cross-Border Arrangements) (Foreign Offices) Regulations 2021 on Prevention of Money Laundering and Countering the Financing of Terrorism
Requirements for licensed financial advisers and specified exempt financial advisers on anti-money laundering and countering the financing of terrorism (“AML/CFT”) in relation to their cross-border arrangements with Foreign Offices (“FOs”) under the Financial Advisers (Exemption for Cross-Border Arrangements) (Foreign Offices) Regulations 2021.
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NoticesPublished Date: 08 October 2021
Notice FAA-N24 to Specified Financial Advisers in relation to Cross-Border Arrangements under the Financial Advisers (Exemption for Cross-Border Arrangements) (Foreign Related Corporations) Regulations 2021 on Prevention of Money Laundering and Countering the Financing of Terrorism
Requirements for licensed financial advisers and specified exempt financial advisers on anti-money laundering and countering the financing of terrorism (“AML/CFT”) in relation to their cross-border arrangements with Foreign Related Corporations (“FRCs”) under the Financial Advisers (Exemption for Cross-Border Arrangements) (Foreign Related Corporations) Regulations 2021.
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NoticesPublished Date: 08 October 2021
Notice SFA 04-N20 to Specified Licence Holders and Specified Exempt Persons in relation to Cross-Border Arrangements under the Securities and Futures (Exemption for Cross-Border Arrangements) (Foreign Offices) Regulations 2021 on Prevention of Money Laundering and Countering the Financing of Terrorism
Requirements for specified capital markets services licensees (“CMSLs”) and specified exempt CMSLs on anti-money laundering and countering the financing of terrorism (“AML/CFT”) in relation to their cross-border arrangements with Foreign Offices (“FOs”) under the Securities and Futures (Exemption for Cross-Border Arrangements) (Foreign Offices) Regulations 2021.
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NoticesPublished Date: 08 October 2021
Notice SFA 04-N19 to Specified Persons in relation to Cross-Border Arrangements under the Securities and Futures (Exemption for Cross-Border Arrangements) (Foreign Related Corporations) Regulations 2021 on Prevention of Money Laundering and Countering the Financing of Terrorism
Requirements for specified capital markets services licensees (“CMSLs”) and specified exempt CMSLs on anti-money laundering and countering the financing of terrorism (“AML/CFT”) in relation to their cross-border arrangements with Foreign Related Corporations (“FRCs”) under the Securities and Futures (Exemption for Cross-Border Arrangements) (Foreign Related Corporations) Regulations 2021.
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CircularsPublished Date: 30 June 2021
ID 11/21 Consequential Amendments To Notices Arising From The Banking (Amendment) Act 2020
Informs insurers of the consequential amendments as well as other amendments to certain Notices arising from the Banking (Amendment) Act 2020.
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FAQsPublished Date: 29 November 2019
FAQ 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)
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)
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GuidelinesPublished Date: 13 May 2019
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.
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GuidelinesLast Revised Date: 30 November 2015
Guidelines to MAS Notice 314 Notice on Prevention of Money Laundering and Countering the Financing of Terrorism – Life Insurers
Guidelines for direct life insurers on the requirements in MAS Notice 314 on Prevention of Money Laundering and Countering the Financing of Terrorism, in relation to their life policies.
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GuidancePublished Date: 29 May 2015
Direct Life Insurers - Guidance on AML/CFT Controls
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.
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ConsultationsPublished Date: 15 July 2014
Consultation Paper on Proposed Amendments to the Monetary Authority of Singapore Notices to Financial Institutions on Prevention of Money Laundering and Countering the Financing of Terrorism
MAS proposed amendments to its notices to financial institutions (FIs) on anti-money laundering and countering the financing of terrorism (AML/CFT). The proposed amendments draw reference from international best practices and the latest recommendations of the Financial Action Task Force (FATF), the global standard-setter for measures to combat money laundering (ML), terrorist financing (TF), and the financing of proliferation. Many of the proposed changes formalise existing supervisory expectations and practices of FIs.
- Consultation number:
- P009 - 2014
- Start date:
- 15 July 2014
- Closing date:
- 14 August 2014
- MAS response date:
- 24 April 2015
- Status:
- Responded
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NoticesPublished Date: 23 January 2013
Notice 123 Reporting of Suspicious Activities and Incidents of Fraud
Requirements for insurers to report suspicious activities and incidents of fraud.
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GuidelinesPublished Date: 06 September 2011
Guidelines for Financial Institutions to Safeguard the Integrity of Singapore's Financial System
Guidelines for financial institutions on safeguarding the integrity of Singapore's financial system, including the filing of Suspicious Transaction Reports.