Regulatory Alerts2025-06-30
Added
Guidelines to Notice VCC-N01 on Prevention of Money Laundering and Countering the Financing of Terrorism – Variable Capital Companies
The Monetary Authority of Singapore issued these guidelines to establish supervisory expectations for Variable Capital Companies regarding anti-money laundering and countering the financing of terrorism compliance. The document mandates that VCCs appoint an Eligible Financial Institution to perform necessary checks while ensuring their boards maintain ultimate responsibility for robust AML/CFT processes and risk assessments. It further clarifies unique operational requirements, such as treating members as customers and maintaining registers of beneficial owners and nominee directors.