Guidelines on the Application of Banking Regulations to Islamic Banking
Guidelines for all financial institutions covering MAS' general approach to Islamic banking regulations.
Requirements for banks on anti-money laundering (AML) and countering the financing of terrorism (CFT).
Financial institutions 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 banks can be found in this notice, which include the following:
Guidelines for all financial institutions covering MAS' general approach to Islamic banking regulations.
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.
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.
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.
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.
Guidelines for banks on Notice 626 for the prevention of money laundering and countering the financing of terrorism.
Guidance for banks, merchant banks and finance companies on AML/CFT controls in trade finance and correspondent banking.
Guidance on the policies, procedures and controls applicable to private banking, in the areas of anti-money laundering and countering the financing of terrorism, fraud risk prevention and investment suitability.