Regulatory Alerts2025-06-30
Added
MAS Notice 626A Prevention of Money Laundering and Countering the Financing of Terrorism – Credit Card or Charge Card Licensees
The Monetary Authority of Singapore issued Notice 626A to impose anti-money laundering and countering the financing of terrorism requirements on credit card and charge card licensees. The notice mandates robust controls including risk assessment, customer due diligence, reliance on third parties, record keeping, and reporting of suspicious transactions. This current notice cancels the previous version effective 1 July 2025, superseding amendments from 2015, 2021, and 2022.
Notices
Last Revised Date: 30 June 2025
Notice 626A Prevention of Money Laundering and Countering the Financing of Terrorism – Credit Card or Charge Card Licensees
Requirements for credit card or charge card licensees on anti-money laundering (AML) and countering the financing of terrorism (CFT).
AML/CFT
Issued pursuant to:
Monetary Authority of Singapore Act (Cap. 186) section 27B
Applies to:
Full Bank (Locally Incorporated)
,
Full Bank (Branch)
,
Wholesale Bank (Branch)
,
Wholesale Bank (Locally Incorporated)
View Notice
Notice 626A Prevention of Money Laundering and Countering the Financing of Terrorism – Credit Card or Charge Card Licensees
(409.2 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 credit card or charge card licensees can be found in this notice, which includes the following:
Risk assessment and risk mitigation.
Customer due diligence.
Reliance on third parties.
Record keeping.
Reporting suspicious transactions.
Internal policies, compliance, audit and training.
30 June 2025 This MAS Notice 626A (Cancellation) Notice dated 30 June 2025 (84.6 KB) cancels MAS Notice 626A on "Prevention of Money Laundering and Countering the Financing of Terrorism - Credit Card or Charge Card Licensees" (last revised on 1 March 2022)
with effect from 1 July 2025.
01 Mar 2022
MAS Notice 626A (Amendment) 2022 (449.6 KB) takes effect.
28 Jun 2021
MAS Notice 626A (Amendment) 2021 (351.8 KB) takes effect.
30 Nov 2015
MAS Notice 626A (Amendment) 2015 (31.9 KB) takes effect.
24 Jul 2015 MAS Notice 626A dated 24 April 2015 takes effect.
Guidelines for credit card and charge card licensees on Notice 626A for the prevention of money laundering and countering the financing of terrorism.