Regulatory Alerts2025-06-30
Added · Updated
Guidelines to MAS Notice 824 on Prevention of Money Laundering and Countering the Financing of Terrorism - Finance Companies
These guidelines provide guidance to finance companies on the requirements of MAS Notice 824 regarding the prevention of money laundering and countering the financing of terrorism. They clarify definitions for connected parties, customers, and legal arrangements, and specify customer due diligence approaches for portfolio managers and cross-border relationship management. Finance companies are required to conduct enterprise-wide money laundering and terrorism financing risk assessments that incorporate Singapore’s National Risk Assessment results and consider factors such as customer profiles, jurisdictions, and delivery channels. The document outlines the three lines of defence model, assigning ultimate accountability to the board of directors and senior management while detailing the roles of business units, compliance functions, and internal audit.