Regulatory Alerts2025-06-30
Added
MAS Notice 626 Prevention of Money Laundering and Countering the Financing of Terrorism – Banks
The Monetary Authority of Singapore issues Notice 626 to mandate robust anti-money laundering and countering the financing of terrorism controls for all categories of banks operating in the jurisdiction. The notice requires financial institutions to implement comprehensive risk assessments, conduct customer due diligence, maintain accurate records, and report suspicious transactions to deter illicit fund flows. These regulatory requirements apply to full and wholesale banks, whether locally incorporated or branches, and supersede previous iterations of the notice effective from April 2024 and June 2025.
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