Regulatory Alerts2025-06-30
Added · Updated
Guidelines to Notice SFA03AA-N01 on Prevention of Money Laundering and Countering the Financing of Terrorism for the Depository
The Monetary Authority of Singapore provides guidance to Depositories on complying with MAS Notice SFA03AA-N01 regarding prevention of money laundering and countering the financing of terrorism. The document clarifies definitions for connected parties, customers, legal persons, and legal arrangements, including specific requirements for portfolio managers and underlying investors. It mandates that Depositories conduct enterprise-wide ML/TF risk assessments incorporating Singapore’s National Risk Assessment results, approve these assessments via senior management, and review them at least every two years or upon material trigger events. Additionally, it outlines the three lines of defence structure, requiring boards and senior management to maintain oversight while business units, compliance functions, and internal audit perform distinct roles in identifying, monitoring, and evaluating AML/CFT controls.