Regulatory Alerts2025-06-30
Added
Guidelines to MAS Notice 1014 on Prevention of Money Laundering and Countering the Financing of Terrorism - Merchant Banks
The Monetary Authority of Singapore issued these guidelines to provide merchant banks with detailed guidance on complying with MAS Notice 1014 regarding anti-money laundering and countering the financing of terrorism. The document mandates that institutions implement a risk-based approach, ensure robust board and senior management oversight, and establish comprehensive internal controls and risk management frameworks. These requirements apply to all locally incorporated merchant banks and branches in Singapore, replacing the previous 2015 version effective from 1 July 2025.
Guidelines
Last Revised Date: 30 June 2025
Guidelines to MAS Notice 1014 on Prevention of Money Laundering and Countering the Financing of Terrorism - Merchant Banks
Guidelines for merchant banks on Notice 1014 for the prevention of money laundering and countering the financing of terrorism.
AML/CFT
Applies to:
Merchant Bank (Locally Incorporated)
,
Merchant Bank (Branch)
View Document
Guidelines to MAS Notice 1014 on Prevention of Money Laundering and Countering the Financing of Terrorism - Merchant Banks
(633.9 KB)
These guidelines apply to all merchant banks incorporated in Singapore. They provide guidance on the requirements in MAS Notice 1014 on Prevention of Money Laundering and Countering the Financing of Terrorism – Merchant Banks. These guidelines should be read in conjunction with the notice.
The guidelines cover:
Assessing and applying a risk-based approach.
Board and senior management oversight.
Internal controls and risk management.
30 June 2025
This Cancellation of Notices (30 June 2025) (84.6 KB) cancels the Guidelines to MAS Notice 1014 on Prevention of Money Laundering and Countering the Financing of Terrorism dated 24 April 2015
with effect from 1 July 2025. [Cancelled]
02 Dec 2009 Previous version dated 02 December 2009 (163.5 KB) [Cancelled]
Requirements for merchant banks on anti-money laundering (AML) and countering the financing of terrorism (CFT).