Regulatory Alerts2022-03-01
Added
MAS Notice 1014 Prevention of Money Laundering and Countering the Financing of Terrorism – Merchant Banks
The Monetary Authority of Singapore issued Notice 1014 to impose anti-money laundering and countering the financing of terrorism requirements on locally incorporated merchant banks and their branches. The notice mandates robust controls including customer due diligence, risk assessment, suspicious transaction reporting, and record keeping to detect illicit funds. This regulatory framework is scheduled to be cancelled and replaced with effect from 1 July 2025.