Regulatory Alerts2025-06-30
Added · Updated
MAS Notice FAA-N24 on AML/CFT Requirements for Cross-Border Arrangements with Foreign Related Corporations
MAS Notice FAA-N24 imposes anti-money laundering and countering the financing of terrorism obligations on Specified Regulated Entities regarding their Foreign Related Corporations under cross-border arrangements. The Notice requires these entities to retain customer due diligence records and transaction data for at least five years following the termination of business relations or completion of transactions. Specified Regulated Entities must also establish internal policies to ensure the Foreign Related Corporation's customer due diligence measures align with applicable regulatory notices and to monitor ongoing compliance with exemption conditions. Additionally, entities must provide requested records and translations to the Authority within specified timeframes and may process personal data without individual consent for compliance purposes.