Regulatory Alerts2025-06-30
Added · Updated
Guidelines to MAS Notice 1014 on Prevention of Money Laundering and Countering the Financing of Terrorism - Merchant Banks
These guidelines provide merchant banks with specific instructions for complying with MAS Notice 1014 regarding customer due diligence measures. The document details requirements for identifying customers and beneficial owners, verifying identities, and applying simplified or enhanced due diligence based on risk assessments. It establishes concrete deadlines for completing identity verification, allowing up to 30 working days before suspending business relations and 120 working days before terminating them. Additionally, it outlines procedures for non-face-to-face verification and the handling of existing customers as of the notice's effective date.
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