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 credit card or charge card licensees can be found in this notice, which includes the following:

• Risk assessment and risk mitigation.
• Customer due diligence.
• Reliance on third parties.
• Record keeping.
• Reporting suspicious transactions.
• Internal policies, compliance, audit and training.