Wednesday, December 9, 2015

MAS Notice SFA04-N02 Amendment Notice November 2015

The Monetary Authority of Singapore ("MAS") has made minor amendments to its notices regarding anti-money laundering (“AML”) and countering the financing of terrorism (“CFT”), including Notice SFA04-N02 for capital markets intermediaries: For government entities, the exemption from the requirement to inquire about beneficial owners has been cancelled. Clarifications have been made with regards to Enhanced Customer Due Diligence (“ECDD”) and Simplified Customer Due Diligence (“SCDD”); the latter allowing for more flexibility in SCDD. The most significant amendment is the explicit requirement to obtain the full name of the beneficiary of a life policy where the capital markets intermediary (“CMI”) distributes such policy as soon as the beneficiary is identified by the CMI, at the latest at the time of pay-out.

For more information, please read our regulatory update here.