Regulatory Alerts2025-06-30
Added
MAS Notice FAA-N24 on AML/CFT Requirements for Cross-Border Arrangements with Foreign Related Corporations
The Monetary Authority of Singapore issued Notice FAA-N24 to impose ongoing anti-money laundering and countering the financing of terrorism requirements on licensed and specified exempt financial advisers engaging in cross-border arrangements with Foreign Related Corporations. The notice mandates that these entities maintain adequate internal policies, procedures, and controls to ensure that customer due diligence performed by Foreign Related Corporations aligns with the AML/CFT standards applicable to the financial advisers. This notice, effective from 9 October 2021, was subsequently cancelled by MAS Notice FAAA-N24 with effect from 1 July 2025.