Monday, May 18, 2015

Amendments to MAS Notices and Guidelines to FIs on Prevention of Money Laundering and Countering the Financing of Terrorism, in particular the Notice and Guidelines to Capital Markets Intermediaries

The Monetary Authority of Singapore (“MAS”) has revised the notices and guidelines on anti-money laundering (“AML”) and countering the financing of terrorism (“CFT”) for financial institutions (“FIs”) in order to be better aligned with international best practices and the latest recommendations of the Financial Action Task Force (“FATF”).

FIs are now required to identify and assess money laundering (“ML”) and terrorism financing (“TF”) risks on an enterprise-wide level. Risk assessments must also be performed before using new products, business practices and technologies.

In particular, for capital markets intermediaries (“CMIs”), the definitions of customer and beneficial owner have been amended such that the underlying investors into investment vehicles that the CMI itself manages are treated as the CMI's customers.

Wednesday, May 13, 2015

Boost for MAS against Money Laundering and Terrorism Financing

Proposed changes to the Monetary Authority of Singapore ('MAS') Act have been announced in order to shore up the city-state's defence against money laundering and terrorism financing.

Money laundering cases are emerging on a global scale and Singapore, being a reputable financial hub, has recently been listed as a jurisdiction of primary concern on the U.S. Money Laundering List.

The proposed changes to the MAS Act will align Singapore's anti-money laundering and countering the financing of terrorism ('AML/CFT') regime more closely with the international standards set by the Financial Action Task Force ('FATF') and the Core Principles for Effective Banking Supervision by the Basel Committee on Banking Supervision.