Notices
Notice PSOA-N02 to Holders of Stored Value Facilities on Prevention of Money Laundering and Countering the Financing of Terrorism [Cancelled]
Requirements for holders of stored value facilities on anti-money laundering (AML) and countering the financing of terrorism (CFT).
Issued pursuant to:
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 holders of stored value facilities can be found in this notice, which include the following:
- Notification of stored value facilities.
- Risk assessment and risk mitigation.
- Customer due diligence.
- Reliance on third parties.
- Record keeping.
- Reporting suspicious transactions.
- Internal policies, compliance, audit and training.
Amendment Notes
- 30 Nov 2015
- MAS Notice PSOA-N02 (Amendment) 2015 (56.6 KB) and MAS Notice PSOA-N02 (Amendment No. 2) 2015 (32 KB) take effect.
- 24 May 2015
- MAS Notice PSOA-N02 dated 24 April 2015 (171.3 KB) takes effect and MAS Notice PSOA-N02 dated 2 July 2007 is cancelled.
- 01 Jul 2014
- MAS Notice PSOA-N02 (Amendment) 2014 (74.5 KB) takes effect. Notice PSOA-N02 last revised on 1 July 2014 (233 KB).
- 23 Jan 2013
- MAS Notice PSOA-NO2 (Amendment) 2013 (123.1 KB) takes effect. Notice PSOA-N02 last revised on 23 January 2013 (231.6 KB).
- 02 Dec 2009
- MAS Notice PSOA-NO2 (Amendment) 2009 (13.3 KB) takes effect. Notice PSOA-N02 last revised on 2 December 2009 (77.5 KB).