Notices
Last Revised Date: 01 March 2022

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.

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]

02 Jul 2007
Notice 314 dated 2 Jul 2007 (41.6 KB) takes effect.