Guidelines for trust companies on Notice TCA-N05 on the prevention of money laundering and countering the financing of terrorism.
Notice TCA-N03 Prevention of Money Laundering and Countering the Financing of Terrorism - Trust Companies
Requirements for trust companies 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 trust companies 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.