Regulatory Alerts2024-03-28
Added · Updated
MAS Notice 626 Prevention of Money Laundering and Countering the Financing of Terrorism – Banks
This Notice, effective 1 April 2024, applies to all banks in Singapore, prohibiting them from opening or maintaining anonymous or fictitious accounts. It mandates customer due diligence (CDD) measures for various scenarios, including establishing business relations, undertaking non-digital token transactions exceeding S$20,000, any digital token transaction, or wire transfers exceeding S$1,500 for non-customers, and when money laundering or terrorism financing is suspected. The Notice specifies the information required for identifying customers, connected parties, natural persons acting on behalf of customers, and beneficial owners, with provisions for alternative data collection under certain low-risk conditions. Additionally, paragraph 6.7 is explicitly stated to be deleted with effect from 1 July 2025.