Regulatory Alerts2025-06-30
Added · Updated
MAS Notice 626A Prevention of Money Laundering and Countering the Financing of Terrorism – Credit Card or Charge Card Licensees
This Notice, effective 1 July 2025, applies to all credit card or charge card licensees in Singapore, establishing requirements for the prevention of money laundering and countering the financing of terrorism. Licensees are prohibited from opening anonymous accounts or establishing business relations if there are reasonable grounds to suspect assets are proceeds of drug dealing or criminal conduct, or related to terrorism financing, requiring an STR filing in such cases. Customer Due Diligence (CDD) measures are mandated for all customers when establishing business relations, undertaking transactions exceeding S$5,000, or engaging in various payment and wire transfer services, and whenever money laundering or terrorism financing is suspected. Licensees must identify and verify customers, connected parties, natural persons acting on behalf of customers, and beneficial owners, while also assessing and mitigating risks associated with new products and technologies.