Notices
Notice VCC-N01 Prevention of Money Laundering and Countering the Financing of Terrorism – Variable Capital Companies (VCCs)
Requirements for Variable Capital Companies on anti-money laundering (AML) and countering the financing of terrorism (CFT).
VCCs 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 VCCs to identify and know their customers (including beneficial owners), conduct regular account reviews, and monitor and report any suspicious transactions promptly. VCCs are required to appoint an eligible financial institution (EFI) to conduct the necessary checks and perform the measures to enable the VCC to comply with its AML/CFT requirements.
The AML/CFT requirements for VCCs can be found in this Notice, which include having internal policies and implementation of controls relating to:
- Conducting risk assessment and risk mitigation
- Customer due diligence, including maintaining a register of beneficial owners
- Reliance on third parties by the VCC’s EFI
- Record keeping
- Suspicious transaction reporting
Related to this Notice
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CircularsPublished Date: 13 September 2022
Circular on Enhancing Anti-Money Laundering and Countering the Financing of Terrorism Controls in the VCC Sector
This Circular sets out MAS’ key observations and supervisory expectations for effective AML/CFT frameworks and controls that VCCs and their appointed EFIs should note.
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ConsultationsLast Revised Date: 15 January 2020
Consultation Paper on the Proposed AML/CFT Notice for Variable Capital Companies
This consultation sets out MAS’ proposed regulations relating to anti-money laundering and countering the financing of terrorism, applicable to variable capital companies incorporated under the Variable Capital Companies Act.
- Start date:
- 30 April 2019
- Closing date:
- 30 May 2019
- MAS response date:
- 15 January 2020