Notices
Published Date: 08 October 2021

Notice FAA-N24 to Specified Financial Advisers in relation to Cross-Border Arrangements under the Financial Advisers (Exemption for Cross-Border Arrangements) (Foreign Related Corporations) Regulations 2021 on Prevention of Money Laundering and Countering the Financing of Terrorism

Requirements for licensed financial advisers and specified exempt financial advisers on anti-money laundering and countering the financing of terrorism (“AML/CFT”) in relation to their cross-border arrangements with Foreign Related Corporations (“FRCs”) under the Financial Advisers (Exemption for Cross-Border Arrangements) (Foreign Related Corporations) Regulations 2021.
Issued pursuant to: Monetary Authority of Singapore Act (Cap. 186) section 27B

This notice applies to

- Licensed financial advisers; and

- Capital markets services licensees, banks, merchant banks, finance companies and insurers

that have entered into cross-border arrangements with their FRCs to provide any financial advisory service (other than advising others by issuing or promulgating research analyses or research reports) under the FAA.

It sets out the ongoing requirements for these Specified Regulated Entities in relation to their cross-border arrangements, to ensure that there are adequate internal policies, procedures and controls for ensuring that the performance of customer due diligence measures by the FRCs, in respect of customers under the arrangements, is consistent with the requirements set out under the relevant AML/CFT Notice applicable to the Specified Regulated Entities.

Amendment Notes

There are no amendment notes for this notice.