Regulatory Alerts2025-07-01
Added · Updated
Guidelines on Prevention of Money Laundering and Countering the Financing of Terrorism for Direct General, Reinsurance, and Direct Life Insurance Business
These Guidelines apply to all insurers licensed under section 11 of the Insurance Act 1966 and foreign insurers operating in Singapore under a foreign insurer scheme. They establish requirements for the three lines of defence, management oversight, customer due diligence, and screening against designated lists under the Terrorism (Suppression of Financing) Act 2022 and Financial Services and Markets Act 2022. Insurers must freeze assets of designated individuals without delay upon a positive hit and report such freezes to the Monetary Authority of Singapore via a Suspicious Transaction Report within one business day. The document also mandates regular AML/CFT training, periodic internal audits, and the maintenance of adequate record-keeping and documentation for screening results.