Guidelines for finance companies on Notice 824 for the prevention of money laundering and countering the financing of terrorism.
Notice 824 on Prevention of Money Laundering and Countering the Financing of Terrorism – Finance Companies
Requirements for finance companies on anti-money laundering (AML) and countering the financing of terrorism (CFT).
Finance companies 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 finance companies can be found in this notice, which includes 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.