MAS Updates
The consultation started in May, closed in June, and MAS responded last Friday. Links below for the consultation paper, and the responses. Links: Proposed AML Notices for Cross-Border Business Arrangements of Capital Markets Intermediaries under Proposed Exemption Frameworks – Consultation Paper Proposed Exemption Framework for Cross-Border Business Arrangements of Capital […]
PSN10 Prevention of Money Laundering and Countering the Financing of Terrorism – Exempt Payment Service Providers Notice to exempt payment service providers on the application of anti-money laundering (AML) and countering the financing of terrorism (CFT) requirements to the provision of payment services for specified products This Notice sets out […]
Media ReleasesPublished Date: 04 August 2021Singapore FinTech Festival 2021 to take place from 8 to 12 November, with key focus on Web 3.0MAS sets up new entity to drive future expansion of the SFFSingapore, 4 August 2021… The Monetary Authority of Singapore (MAS) today announced that the Singapore FinTech Festival […]
Published Date: 14 April 2021 MAS Imposes Composition Penalty of S$1 million on Bank J. Safra Sarasin Ltd, Singapore Branch for AML/CFT Failures Singapore, 14 April 2021… The Monetary Authority of Singapore (MAS) has imposed a composition penalty of S$1 million on Bank J. Safra Sarasin Ltd, Singapore Branch (BJS) for […]
Enforcement Actions Published Date: 19 March 2020 MAS Imposes Composition Penalty of $400,000 on TMF Trustees Singapore Limited for AML/CFT Failures Singapore, 16 March 2020 … The Monetary Authority of Singapore (MAS) has imposed a composition penalty of $400,000 on TMF Trustees Singapore Limited (TTSL) for failure to comply with […]
WWW.MAS.GOV.SG Dear subscriber, We have just launched the new MAS website as part of our ongoing journey to improve user experience. View new features here As part of the revamp, we have introduced new features as well as restructured our content for a better browsing experience. Hence, we would like to […]
7 REPORTING OF SUSPICIOUS TRANSACTIONS 7.1 Clear guidance should be provided to all officers, employees and agents as to what constitutes a “suspicious transaction” that warrants escalation and reporting. 7.2 There should be well-defined guidelines and procedures in place for escalating, investigating, reporting and acting on suspicious transactions. The channels […]
6 RECORD KEEPING AND DOCUMENTATION 6.1 There should be adequate documentation by the insurer for the basis of clearing or dismissing hits arising from its screening procedures (i.e. false positive hits). As a good practice, additional parameters such as date of birth and nationality should minimally be used to establish […]
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 […]
Mr. Watchlist 