Regulatory Alerts2025-07-01
Added · Updated
Guidelines to Notice FAA-N06 on Prevention of Money Laundering and Countering the Financing of Terrorism
These guidelines provide guidance on the requirements of MAS Notice FAA-N06 for licensed financial advisers, registered insurance brokers, and exempt persons. They clarify definitions for connected parties, customers, legal arrangements, and officers, and specify Customer Due Diligence approaches for portfolio managers and cross-border relationships. The document mandates enterprise-wide ML/TF risk assessments approved by senior management, outlining factors such as customer profiles, jurisdictions, and products. It also details the three lines of defence model, requiring boards and senior management to oversee AML/CFT governance, compliance functions, and internal audits.