MAS Updates
5 CUSTOMER DUE DILIGENCE AND SCREENING PROCEDURES 5.1 Screening of customers11 should be carried out against relevant ML/TF information sources, which include designated names of individuals and/or entities within: (a) the lists and information provided by the Authority or other relevant authorities in Singapore in relation to ML/TF risks; (b) […]
4 MANAGEMENT OVERSIGHT, POLICIES AND TRAINING 4.1 relation to AML/CFT should be clearly set out. The roles and responsibilities of the board of directors and senior management in 4.2 There should be a formalised process in place to keep the board of directors and senior management informed regularly of compliance […]
3 THE THREE LINES OF DEFENCE 3.1 Insurers are reminded that the ultimate responsibility and accountability for ensuring compliance with AML and CFT (“AML/CFT”)-related laws and regulations rest with their board of directors and senior management8. 3.2 An insurer’s board of directors and senior management are responsible for ensuring strong […]
2 MONEY LAUNDERING AND TERRORISM FINANCING 2.1 Insurers should be cognisant of their exposure to ML/TF risks. Payments originating from insurers are viewed as commonplace, with the money assumed to be clean. If money launderers are able to successfully place funds into an insurance policy, they would have made significant […]
1 INTRODUCTION 1.1 These Guidelines apply to all insurers licensed under section 8 of the Insurance Act (Cap. 142) (“the Act”) and to all foreign insurers operating in Singapore under a foreign insurer scheme established under Part IIA of the Act1. 1.2 Direct life insurers writing life policies should refer […]
In particular, these are for “direct general insurance”, “direct life insurance” and reinsurance businesses. It speaks to the three lines of defense, management commitment, policies and procedures, training, CDD and training, record keeping and SAR/STR reporting. It’s a light read – 12 page PDF. As time permits, I may republished […]
1 Preface 1.1 The Monetary Authority of Singapore (MAS) is introducing a Notice to variable capital companies (VCCs) on anti-money laundering and countering the financing of terrorism (AML/CFT). The proposed VCC AML/CFT Notice is attached as Annex B of this consultation paper. These requirements draw reference from international best practices […]
Warning on Fraudulent Emails Impersonating MAS Singapore, 6 October 2018… The Monetary Authority of Singapore (MAS) warns the public of fraudulent emails purportedly sent from @mas.gov.sg email accounts with subject titles like “Fund Transmittal” and “Singapore Compliance Information”. The emails ask recipients to click on links or open attachments which contain malware. […]
The Monetary Authority of Singapore iaaued two similar fraud notices on the 19th: Warning on Fraudulent Website Soliciting Bitcoin Investments Singapore, 18 September 2018… It has come to the attention of the Monetary Authority of Singapore (MAS) that a fraudulent website has been soliciting investments in Bitcoins using fabricated […]
Warning on fraudulent email and website impersonating MAS Singapore, 24 May 2018… The Monetary Authority of Singapore (MAS) alerts the public to fraudulent emails impersonating MAS that attempt to get recipients to divulge their bank account IDs and passwords. Members of the public are advised not to click on […]
Mr. Watchlist 