Wednesday, July 2, 2014

Amendments to MAS Notices on Prevention of Money Laundering and Countering the Financing of Terrorism ('AML/CFT')

The Monetary Authority of Singapore (‘MAS’) has revised the MAS Notices on Prevention of Money Laundering and Countering the Financing of Terrorism (‘MAS AML/CFT Notices’). The amendments clarify financial institutions’ (‘FIs’) obligations under the anti-money laundering (‘AML’) and countering the financing of terrorism (‘CFT’) requirements in relation to the Personal Data Protection Act (‘PDPA’).

FIs may collect, use and disclose personal data without customer consent in the course of performing customer due diligence (‘CDD’). Moreover, FIs only need to provide access to and the option to correct personal data limited to factual information on the identity of the individual and information provided by the individual.

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