Singapore Law Blog

The Monetary Authority of Singapore (MAS) is revising the Notice on Prevention of Money Laundering and has released a consultation paper on the proposed revisions.

Singapore, 3 January 2005...The Monetary Authority of Singapore (MAS) is revising the Notice on Prevention of Money Laundering and has released a consultation paper on the proposed revisions.

2. The revised Notice updates Singapore's anti money laundering and counter terrorist financing (AML/CFT) regime to take into account recent international developments. The Notice now establishes a more comprehensive framework of measures designed to prevent the misuse of the banking sector in Singapore to launder money or finance terrorism. The key changes include:

• Extending its coverage to countering of terrorist financing.


• A more detailed set of customer due diligence (CDD) measures that banks must perform.


• Recognition of a risk-based approach for CDD.


• A new requirement for banks to include originator information in cross-border wire transfers, in line with the Financial Action Task Force's Special Recommendation VII on Wire Transfers.

3. While the Notice only applies to banks, MAS will also update the AML/CFT regime for other financial institutions supervised by MAS. As such, MAS welcomes comments on AML/CFT measures for these financial institutions.

4. The consultation paper is posted on the MAS website and comments should reach MAS by 18 February 2005. Please submit your comments to aml @ mas.gov.sg.