Regulatory Alerts2025-06-30
Added · Updated
Guidelines to Notice 626A on Prevention of Money Laundering and Countering the Financing of Terrorism – Credit Card or Charge Card Licensees
These guidelines provide guidance to credit card or charge card licensees on the requirements of MAS Notice 626A regarding the prevention of money laundering and countering the financing of terrorism. Licensees are required to implement a risk-based approach, including conducting enterprise-wide ML/TF risk assessments that cover all business units, product lines, and delivery channels. The document defines specific customer categories, outlines the three lines of defense for governance and compliance, and mandates robust internal policies, training, and suspicious transaction reporting mechanisms.