Notices
Last Revised Date: 28 June 2021

Notice 626 Prevention of Money Laundering and Countering the Financing of Terrorism – Banks

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:

  • 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.

Amendment Notes

28 Jun 2021
MAS Notice 626 (Amendment) 2021 (449.5 KB) takes effect.
24 May 2015
MAS Notice 626 dated 24 April 2015 (304.4 KB) takes effect, except for paragraphs 4, 5, 15.6 and 15.7 which takes effect from 24 July 2015.
24 May 2015
MAS Notice 626 dated 2 July 2007 (74.3 KB) (last revised on 1 July 2014) is cancelled.
02 Jul 2007
MAS Notice 626 dated 2 July 2007 takes effect.