The Monetary Authority of Singapore (MAS) has recently released a consultation paper to seek feedback on its proposed amendments to the various anti-money laundering (AML)/countering the financing of terrorism (CFT) Notices and Guidelines issued to regulated financial institutions.
The proposed amendments are aimed at enhancing the current AML/CFT framework to align with the latest revised Standards set by the Financial Action Task Force. The proposed changes include the inclusion of proliferation financing in money laundering risk assessments, amendments specific to MAS Notice TCA-N03 (applicable to licensed trust companies), and clarifications on the timelines for filing suspicious transaction reports. Additionally, various amendments to the AML/CFT Guidelines have been proposed to clarify and reflect MAS’ supervisory expectations and guidance over the years.
This update outlines the salient proposed amendments.
If you would like information and/or assistance on the above or any other area of law, you may wish to contact the Partner at WongPartnership whom you normally work with or any of the following Partners:
Elaine CHAN
Co-Head – Financial Services Regulatory
d +65 6416 8010
e elaine.chan@wongpartnership.com
Click here to view Elaine’s CV.
Rosabel NG
Partner – Financial Services Regulatory
d +65 6416 8269
e rosabel.ng@wongpartnership.com
Click here to view Rosabel’s CV.
CHAN Jia Hui
Partner – Financial Services Regulatory
d +65 6416 2794
e jiahui.chan@wongpartnership.com
Click here to view Jia Hui’s CV.
TIAN Sion Yoong
Partner – Financial Services Regulatory
d +65 6416 2488
e sionyoong.tian@wongpartnership.com
Click here to view Sion Yoong’s CV.
Melissa THAM
Partner – Financial Services Regulatory
d +65 6416 8226
e melissasm.tham@wongpartnership.com
Click here to view Melissa’s CV.