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.
Notices
Last Revised Date: 01 March 2022
Notice 1014 Prevention of Money Laundering and Countering the Financing of Terrorism – Merchant Banks
Requirements for merchant banks on anti-money laundering (AML) and countering the financing of terrorism (CFT).
AML/CFT
Issued pursuant to:
Monetary Authority of Singapore Act (Cap. 186) section 27B
Applies to:
Merchant Bank (Locally Incorporated)
,
Merchant Bank (Branch)
View Notice
Notice 1014 Prevention of Money Laundering and Countering the Financing of Terrorism – Merchant Banks
(310.8 KB)
Merchant banks operating in Singapore are required to put in place robust controls to detect and deter the flow of illicit funds through Singapore's financial system.
Such controls include the need for financial institutions to identify and know their customers (including beneficial owners), to conduct regular account reviews, and to monitor and report any suspicious transaction. The AML/CFT requirements for merchant banks can be found in this notice, which includes the following:
Risk assessment and risk mitigation.
Customer due diligence.
Reliance on third parties.
Correspondent banking and wire transfers.
Record keeping.
Suspicious transaction reporting.
Internal policies, compliance, audit and training.
30 June 2025 This MAS Notice 1014 (Cancellation) Notice dated 30 June 2025 (84.6 KB) cancels MAS Notice 1014 on “Prevention of Money Laundering and Countering the Financing of Terrorism – Merchant Banks” dated 2 July 2007 (last revised on 1 March 2022)
with effect from 1 July 2025.
28 Jun 2021
MAS Notice 1014 (Amendment) 2021 (435.6 KB) takes effect.
30 Nov 2015
MAS Notice 1014 (Amendment) 2015 (34.2 KB) takes effect.
24 May 2015 MAS Notice 1014 dated 24 April 2015 takes effect, except for paragraphs 4, 5, 15.6 and 15.7 which takes effect from 24 July 2015.
24 May 2015 MAS Notice 1014 dated 02 July 2007 (last revised on 01 July 2014) (132.2 KB) is cancelled.
01 Jul 2014 MAS Notice 1014 (Amendment) 2014 takes effect. Notice 1014 last revised on 01 July 2014 (220.4 KB) .
23 Jan 2013
MAS Notice 1014 (Amendment) 2013 (124.5 KB) takes effect. Notice 1014 last revised on 23 January 2013 (216 KB) .
02 Dec 2009
MAS Notice 1014 (Amendment) 2009 (11.7 KB) takes effect. Notice 1014 last revised on 02 December 2009 (232.7 KB) .
02 Jul 2007 MAS Notice 1014 dated 02 July 2007 takes effect.
Requirements for specified capital markets services licensees (“CMSLs”) and specified exempt CMSLs on anti-money laundering and countering the financing of terrorism (“AML/CFT”) in relation to their cross-border arrangements with Foreign Offices (“FOs”) under the Securities and Futures (Exemption for Cross-Border Arrangements) (Foreign Offices) Regulations 2021.
Requirements for specified capital markets services licensees (“CMSLs”) and specified exempt CMSLs on anti-money laundering and countering the financing of terrorism (“AML/CFT”) in relation to their cross-border arrangements with Foreign Related Corporations (“FRCs”) under the Securities and Futures (Exemption for Cross-Border Arrangements) (Foreign Related Corporations) Regulations 2021.
Requirements for licensed financial advisers and specified exempt financial advisers on anti-money laundering and countering the financing of terrorism (“AML/CFT”) in relation to their cross-border arrangements with Foreign Offices (“FOs”) under the Financial Advisers (Exemption for Cross-Border Arrangements) (Foreign Offices) Regulations 2021.
Requirements for licensed financial advisers and specified exempt financial advisers on anti-money laundering and countering the financing of terrorism (“AML/CFT”) in relation to their cross-border arrangements with Foreign Related Corporations (“FRCs”) under the Financial Advisers (Exemption for Cross-Border Arrangements) (Foreign Related Corporations) Regulations 2021.
Guidelines for merchant banks on Notice 1014 for the prevention of money laundering and countering the financing of terrorism.
Guidance on the policies, procedures and controls applicable to private banking, in the areas of anti-money laundering and countering the financing of terrorism, fraud risk prevention and investment suitability.