MAS Notice FAA-N24 on AML/CFT Requirements for Cross-Border Arrangements with Foreign Related Corporations

Notices

Last Revised Date: 30 June 2025

Notice FAA-N24 to Specified Financial Advisers in relation to Cross-Border Arrangements under the Financial Advisers (Exemption for Cross-Border Arrangements) (Foreign Related Corporations) Regulations 2021 on Prevention of Money Laundering and Countering the Financing of Terrorism

Requirements for licensed financial advisers and specified exempt financial advisers on anti-money laundering and countering the financing of terrorism (“AML/CFT”) in relation to their cross-border arrangements with Foreign Related Corporations (“FRCs”) under the Financial Advisers (Exemption for Cross-Border Arrangements) (Foreign Related Corporations) Regulations 2021.

AML/CFT

Issued pursuant to: Monetary Authority of Singapore Act (Cap. 186) section 27B

Applies to:

Licensed Financial Adviser

,

Exempt Financial Adviser

View Notice

Notice FAA-N24 to Specified Financial Advisers in relation to Cross-Border Arrangements under the Financial Advisers (Exemption for Cross-Border Arrangements) (Foreign Related Corporations) Regulations 2021 on Prevention of Money Laundering and Countering the Financing of Terrorism

(163.5 KB)

This notice applies to

• Licensed financial advisers; and

• Capital markets services licensees, banks, merchant banks, finance companies and insurers

that have entered into cross-border arrangements with their FRCs to provide any financial advisory service (other than advising others by issuing or promulgating research analyses or research reports) under the FAA.

It sets out the ongoing requirements for these Specified Regulated Entities in relation to their cross-border arrangements, to ensure that there are adequate internal policies, procedures and controls for ensuring that the performance of customer due diligence measures by the FRCs, in respect of customers under the arrangements, is consistent with the requirements set out under the relevant AML/CFT Notice applicable to the Specified Regulated Entities.

30 June 2025

This MAS Notice FAAA-N24 (Cancellation) Notice dated 30 June 2025 (84.6 KB) cancels MAS Notice FAA-N24 to Specified Financial Advisers in relation to Cross-Border Arrangements under the Financial Advisers (Exemption for Cross-Border Arrangements) (Foreign Related Corporations) Regulations 2021 on Prevention of Money Laundering and Countering the Financing of Terrorism dated 8 October 2021

with effect from 1 July 2025.

8 October 2021

MAS Notice FAA-N24 takes effect on 9 October 2021.

Requirements for direct life insurers to exercise due diligence and conduct their business with high ethical standards, to guard against money laundering and terrorism financing.

Requirements for capital markets intermediaries on anti-money laundering (AML) and countering the financing of terrorism (CFT).

Requirements for financial advisers on anti-money laundering (AML) and countering the financing of terrorism (CFT).

Requirements for banks on anti-money laundering (AML) and countering the financing of terrorism (CFT).

Form for specified capital markets services licensees (“CMSLs”), specified exempt CMSLs, licensed financial advisers and specified exempt financial advisers to submit their annual declaration for cross-border arrangements notified under the following Exemption Regulations:

• Securities and Futures (Exemption for Cross-Border Arrangements) (Foreign Related Corporations) Regulations 2021;

• Financial Advisers (Exemption for Cross-Border Arrangements) (Foreign Related Corporations) Regulations 2021;

• Securities and Futures (Exemption for Cross-Border Arrangements) (Foreign Offices) Regulations 2021;

• Financial Advisers (Exemption for Cross-Border Arrangements) (Foreign Offices) Regulations 2021.

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This form must be submitted not later than 5 months from the end of the financial year.

Form for specified capital markets services licensees (“CMSLs”), specified exempt CMSLs, licensed financial advisers and specified exempt financial advisers to notify MAS of their cross-border arrangements with Foreign Related Corporations or Foreign Offices under the following Exemption Regulations:

• Securities and Futures (Exemption for Cross-Border Arrangements) (Foreign Related Corporations) Regulations 2021;

• Financial Advisers (Exemption for Cross-Border Arrangements) (Foreign Related Corporations) Regulations 2021;

• Securities and Futures (Exemption for Cross-Border Arrangements) (Foreign Offices) Regulations 2021;

• Financial Advisers (Exemption for Cross-Border Arrangements) (Foreign Offices) Regulations 2021.

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This form must be submitted not later than 14 days after the date of commencement of qualifying business under the Exemption Regulations.

Form for specified capital markets services licensees (“CMSLs”), specified exempt CMSLs, licensed financial advisers and specified exempt financial advisers to notify MAS of their change in particulars to cross-border arrangements notified under the following Exemption Regulations:

• Securities and Futures (Exemption for Cross-Border Arrangements) (Foreign Related Corporations) Regulations 2021;

• Financial Advisers (Exemption for Cross-Border Arrangements) (Foreign Related Corporations) Regulations 2021;

• Securities and Futures (Exemption for Cross-Border Arrangements) (Foreign Offices) Regulations 2021;

• Financial Advisers (Exemption for Cross-Border Arrangements) (Foreign Offices) Regulations 2021.

This form must be submitted not later than 14 days after the date of the change.

Clarifications on the requirements under the Exemption Frameworks for cross-border business arrangements of capital markets intermediaries involving Foreign Related Corporations and Foreign Offices.

Requirements for finance companies on anti-money laundering (AML) and countering the financing of terrorism (CFT).

Requirements for merchant banks on anti-money laundering (AML) and countering the financing of terrorism (CFT).

Requirements for licensed financial advisers and specified exempt financial advisers in relation to their cross-border arrangements with Foreign Related Corporations (“FRCs”) under the Financial Advisers (Exemption for Cross-Border Arrangements) (Foreign Related Corporations) Regulations 2021.

This consultation seeks comments on the draft Notices setting out the proposed anti-money laundering and countering the financing of terrorism requirements under both the proposed Branch Framework and notified FRC framework.

Consultation number:

P005-2021

Start date:

12 May 2021

Closing date:

11 June 2021

MAS response date:

08 October 2021