Regulatory Alerts2025-06-30
Added
Guidelines on Prevention of Money Laundering and Countering the Financing of Terrorism for Direct General, Reinsurance, and Direct Life Insurance Business
The Monetary Authority of Singapore issued these revised guidelines to establish mandatory processes and controls for preventing money laundering and countering the financing of terrorism within the insurance sector. The document mandates that all insurers, including direct life insurers, implement robust management oversight, customer due diligence, record-keeping, and suspicious transaction reporting mechanisms. These requirements supersede the previous 2019 guidelines to ensure high ethical standards and effective risk management against financial crimes.