Last Revised Date: 30 November 2015

Notice SFA 04-N02 to Capital Markets Intermediaries on Prevention of Money Laundering and Countering the Financing of Terrorism

Requirements for capital markets intermediaries 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 capital markets intermediaries can be found in this notice, which includes the following:

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

Amendment Notes

24 May 2015
Notice SFA04-N02 dated 24 April 2015 (263.8 KB) takes effect and Notice SFA 04-N02 dated 2 July 2007 is cancelled.
02 Dec 2009
Notice SFA04-N02 (Amendment) 2009 (88.7 KB) dated 3 July 2009 takes effect.
02 Jul 2007
Notice SFA04-N02 takes effect.
01 Mar 2007
Notice SFA04-N02 (Amendment) 2007 (43.5 KB) dated 28 February 2007 takes effect.