Regulatory Alerts2019-12-05
Added
MAS Notice PSN01A: AML/CFT Requirements for Exempt Account Issuance Service Providers
The Monetary Authority of Singapore issues this transitional notice to impose anti-money laundering and countering the financing of terrorism requirements on exempt persons providing account issuance services. The directive mandates that these entities implement risk-based approaches, conduct comprehensive customer due diligence, and maintain ongoing monitoring of business relations. It specifically requires the identification and verification of customers, beneficial owners, and appointed agents, while prohibiting anonymous accounts and mandating suspicious transaction reporting.