Regulatory Alerts2025-06-30
Added · Updated
MAS Notice 1014 Prevention of Money Laundering and Countering the Financing of Terrorism – Merchant Banks
MAS Notice 1014 applies to all merchant banks in Singapore and takes effect on 1 July 2025. It requires merchant banks to implement risk-based approaches for assessing and mitigating money laundering and terrorism financing risks, including specific assessments for new products and technologies. The notice mandates customer due diligence measures, such as verifying identities and beneficial owners, and prohibits the opening of anonymous accounts. It establishes thresholds triggering due diligence, including transactions exceeding S$20,000 and cross-border wire transfers exceeding S$1,500.