Last Revised Date: 01 March 2022

Notice FAA-N06 on Prevention of Money Laundering and Countering the Financing of Terrorism - Financial Advisers

Requirements for financial advisers 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 licensed financial advisers, registered insurance brokers exempt under section 23(1)(c) of the FAA and exempt financial advisers serving up to 30 accredited investors can be found in this notice, which include the following:

  • Risk assessment and risk mitigation.
  • Customer due diligence.
  • Reliance on third parties.
  • Record keeping.
  • Suspicious transaction reporting.
  • Internal policies, compliance, audit and training.

Amendment Notes

01 Mar 2022
Notice FAA-N06 (Amendment) 2022 (246.6 KB) takes effect.

25 May 2015
MAS Notice FAA-N06 dated 24 April 2015 (203.7 KB) takes effect and MAS Notice FAA-N06 dated 2 July 2007 is cancelled.
23 Jan 2013
MAS Notice FAA-N06 (Amendment) 2013 takes effect. Notice FAA-N06 last revised on 23 January 2013 (217.3 KB).  
02 Dec 2009
MAS Notice FAA-N06 (Amendment) 2009 takes effect. Notice FAA-N06 last revised on 2 December 2009 (85.7 KB).
02 Jul 2007
MAS Notice FAA-N06 dated 02 July 2007 takes effect. Notice FAA-N06 last revised on 28 February 2007 (46 KB) is cancelled.
01 Mar 2007
MAS Notice FAA-N06 (Amendment) 2007 takes effect and MAS Notice FAA-N06 dated 11 November 2002 (123.6 KB) is cancelled.