When to report suspicious activities and incidents of fraud.
Notice SFA 13-N01 to Approved Trustees on Prevention of Money Laundering and Countering the Financing of Terrorism
Requirements for approved trustees 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 approved trustees can be found in this notice, which includes the following:
- Risk assessment and risk mitigation.
- Customer due diligence.
- Reliance on third parties.
- Record keeping.
- Reporting suspicious transactions.
- Internal policies, compliance, audit and training.