Guidelines for all financial institutions covering MAS' general approach to Islamic banking regulations.
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.