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.
Notices
Last Revised Date: 30 June 2025
Notice 626 Prevention of Money Laundering and Countering the Financing of Terrorism – Banks
Requirements for banks on anti-money laundering (AML) and countering the financing of terrorism (CFT).
AML/CFT
Issued pursuant to:
Financial Services and Markets Act 2022 section 16
Applies to:
Full Bank (Locally Incorporated)
,
Full Bank (Branch)
,
Wholesale Bank (Branch)
,
Wholesale Bank (Locally Incorporated)
View Notice
Notice 626 Prevention of Money Laundering and Countering the Financing of Terrorism – Banks
(339.7 KB)
Financial institutions 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 banks can be found in this notice, which include 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 Jun 2025
MAS Notice 626 (Amendment) dated 30 June 2025 (352.2 KB) takes effect from 1 Jul 2025.
28 Mar 2024
MAS Notice 626 dated 28 Mar 2024 (296.1 KB) takes effect from 1 Apr 2024.
28 Mar 2024 This MAS Notice 626 (Cancellation) Notice 2024 (106.7 KB) cancels MAS Notice 626 on “Prevention of Money Laundering and Countering the Financing of Terrorism – Banks” dated 24 April 2015 (last revised on 1 March 2022) (333 KB) with effect from 1 Apr 2024.
01 Mar 2022
MAS Notice 626 Amendment 2022 (326.2 KB) takes effect.
28 Jun 2021
MAS Notice 626 (Amendment) 2021 (449.5 KB) takes effect.
30 Nov 2015
MAS Notice 626 (Amendment) 2015 (34.3 KB) takes effect.
24 May 2015
MAS Notice 626 dated 24 April 2015 (304.4 KB) takes effect, except for paragraphs 4, 5, 15.6 and 15.7 which takes effect from 24 July 2015.
24 May 2015
MAS Notice 626 dated 2 July 2007 (74.3 KB) (last revised on 1 July 2014) is cancelled.
01 Jul 2014
MAS Notice 626 (Amendment) 2014 (74.3 KB) takes effect. Notice 626 last revised on 1 July 2014 (212.4 KB) ,
23 Jan 2013
MAS Notice 626 (Amendment) 2013 (125.5 KB) takes effect. Notice 626 last revised on 23 January 2013 (209.6 KB) .
02 Dec 2009
MAS Notice 626 (Amendment) 2009 (11.7 KB) dated 3 July 2009 takes effect. Notice 626 last revised on 2 December 2009 (100.2 KB) .
02 Jul 2007
MAS Notice 626 dated 2 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 banks on Notice 626 for the prevention of money laundering and countering the financing of terrorism.
Guidelines for all financial institutions covering MAS' general approach to Islamic banking regulations.
Guidance for banks, merchant banks and finance companies on AML/CFT controls in trade finance and correspondent banking.
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.