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.
Guidelines
Last Revised Date: 30 June 2025
Guidelines on Prevention of Money Laundering and Countering the Financing of Terrorism - Direct General Insurance Business, Reinsurance Business, and Direct Life Insurance Business (Accident & Health Policies)
Guidelines on processes and controls to prevent money laundering and countering the financing of terrorism, in relation to general insurance and reinsurance business as well as business related to accident and health policies.
View Document
Guidelines on Prevention of Money Laundering and Countering the Financing of Terrorism - Direct General Insurance Business, Reinsurance Business, and Direct Life Insurance Business (Accident & Health Policies)
(217.6 KB)
These guidelines apply to all insurers.
The guidelines are organised into four key areas:
Management Oversight, Policies and Training;
Customer Due Diligence and Screening Procedures;
Record Keeping and Documentation; and
Assessment and Reporting of Suspicious Transactions.
30 Jun 2025 This Cancellation of Notices (30 June 2025) (84.6 KB) cancels Guidelines on Prevention of Money Laundering and Countering the Financing of Terrorism - Direct General Insurance Business, Reinsurance Business, and Direct Life Insurance Business (Accident & Health Policies) dated 13 May 2019 (579.7 KB)
Requirements for direct life insurers to exercise due diligence and conduct their business with high ethical standards, to guard against money laundering and terrorism financing.
Guidelines for direct life insurers on the requirements in MAS Notice 314 on Prevention of Money Laundering and Countering the Financing of Terrorism, in relation to their life policies.
Guidelines on sound practices in carrying out insurance business and principles relating to risk management framework.
Guidelines on risk management practices to mitigate insurance fraud risk.
Provides clarifications to some frequently asked questions on MAS Guidelines on Prevention of Money Laundering and Countering the Financing of Terrorism - Direct General Insurance Business, Reinsurance Business, and Direct Life Insurance Business (Accident & Health Policies)