Regulatory Alerts2025-06-30
Added · Updated
MAS Notice FAA-N06 on Prevention of Money Laundering and Countering the Financing of Terrorism for Financial Advisers
MAS Notice FAA-N06 imposes anti-money laundering and countering the financing of terrorism obligations on licensed financial advisers, registered insurance brokers, and exempt persons in Singapore, effective 1 July 2025. The Notice requires these entities to implement risk-based approaches, conduct customer due diligence including identification and verification of customers, beneficial owners, and appointed representatives, and prohibit the opening of anonymous accounts. It mandates the filing of suspicious transaction reports where reasonable grounds for suspicion exist and requires specific information collection for natural persons, legal persons, and legal arrangements.