Regulatory Alerts2025-06-30
Added · Updated
Guidelines to MAS Notice 626 on Prevention of Money Laundering and Countering the Financing of Terrorism – Banks
These guidelines provide interpretive guidance to banks on complying with MAS Notice 626 regarding the prevention of money laundering and countering the financing of terrorism. The document clarifies definitions for connected parties, customers, and legal arrangements, and outlines the three lines of defence model for AML/CFT governance. It mandates that banks conduct enterprise-wide ML/TF risk assessments incorporating Singapore’s National Risk Assessment results and apply risk-based approaches to customer due diligence, including simplified and enhanced measures.
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