Regulatory Alerts2025-06-30
Added · Updated
MAS Notice 824 on Prevention of Money Laundering and Countering the Financing of Terrorism – Finance Companies
MAS Notice 824 applies to all finance companies licensed under the Finance Companies Act 1967 and takes effect on 1 July 2025. It requires these entities to implement a risk-based approach to identify and mitigate money laundering and terrorism financing risks, including specific assessments for new products and technologies. The Notice mandates Customer Due Diligence measures, prohibiting anonymous accounts and requiring identity verification for customers, beneficial owners, and appointed agents. It establishes thresholds triggering due diligence, such as transactions exceeding S$20,000 or wire transfers exceeding S$1,500 for non-established customers.