Regulatory Alerts2025-06-30
Added · Updated
MAS Notice FAA-N25 on AML/CFT Requirements for Cross-Border Arrangements with Foreign Offices
MAS Notice FAA-N25 imposes anti-money laundering and countering the financing of terrorism requirements on licensed financial advisers and specified exempt financial advisers operating foreign offices under cross-border arrangements. The notice mandates a minimum five-year record retention period for customer due diligence information and transaction data, and requires entities to maintain internal policies ensuring their foreign offices' compliance with applicable AML/CFT standards. It further authorizes the collection, use, and disclosure of personal data without consent for compliance purposes and requires the provision of records to the Monetary Authority of Singapore upon request. The notice takes effect on 1 July 2025.