Provides guidance on regulatory requirements that an exempt financial adviser serving up to not more than 30 accredited investors or an exempt corporate finance adviser is expected to comply with, including criteria for exemption, form for lodgement as an exempt person and ongoing regulatory requirements.
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.
- 02 Jul 2007
- Notice SFA04-N02 takes effect.