Regulatory Alerts2025-06-30
Added · Updated
MAS Notice 314 Prevention of Money Laundering and Countering the Financing of Terrorism – Direct Life Insurers
MAS Notice 314 imposes anti-money laundering and countering the financing of terrorism requirements on direct life insurers licensed under the Insurance Act 1966, effective 1 July 2025. The Notice mandates risk assessments, customer due diligence measures including identification and verification of customers, beneficial owners, and payees, and prohibits dealing with anonymous persons. It also requires insurers to assess risks associated with new products and technologies and to file suspicious transaction reports where reasonable grounds for suspicion exist.