Regulatory Alerts2025-06-30
Added
Guidelines to MAS Notice 314 on Prevention of Money Laundering and Countering the Financing of Terrorism – Life Insurers
The Monetary Authority of Singapore issued these guidelines to direct life insurers to implement requirements under MAS Notice 314 for preventing money laundering and countering the financing of terrorism. The document mandates that insurers exercise due diligence, maintain high ethical standards, and establish robust processes and controls to safeguard their life policy business. It serves as the current regulatory framework effective from 30 June 2025, replacing previous versions to ensure compliance with Singapore's financial integrity standards.
Guidelines
Last Revised Date: 30 June 2025
Guidelines to MAS Notice 314 Notice on Prevention of Money Laundering and Countering the Financing of Terrorism – Life Insurers
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.
AML/CFT
Applies to:
Direct Insurer (Life)
,
Direct Insurer (Composite)
View Document
Guidelines to MAS Notice 314 Notice on Prevention of Money Laundering and Countering the Financing of Terrorism – Life Insurers
(591.9 KB)
These guidelines apply to all direct life insurers in relation to their life policies.
It provides insurers with guidance on the requirements in MAS Notice 314 on Prevention of Money Laundering and Countering the Financing of Terrorism. These guidelines should be read in conjunction with the Notice.
30 Jun 2025 This Cancellation of Notices (30 June 2025) (84.6 KB) cancels the Guidelines to MAS Notice 314 Notice on Prevention of Money Laundering and Countering the Financing of Terrorism – Life Insurers dated 24 Apr 2015 (last revised in Nov 2015) (315.6 KB)
24 Apr 2015 Previous version dated 24 Apr 2015 (586.8 KB) [Cancelled]
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 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.
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)
Guidance to direct life insurers on strengthening their controls for preventing money laundering and terrorism financing. The observations were drawn from MAS’ review of the AML/CFT practices of insurers.
Requirements for insurers to report suspicious activities and incidents of fraud.
Guidelines for financial institutions on safeguarding the integrity of Singapore's financial system, including the filing of Suspicious Transaction Reports.