Regulatory Alerts2025-06-30
Added · Updated
MAS Notice SFA 04-N19 on AML/CFT Requirements for Cross-Border Arrangements with Foreign Related Corporations
MAS Notice SFA 04-N19 imposes anti-money laundering and counter-terrorist financing obligations on Specified Regulated Entities regarding customers of their Foreign Related Corporations under cross-border arrangements. The Notice mandates a minimum five-year record retention period for customer due diligence data and transaction records, and requires entities to maintain internal policies ensuring such due diligence aligns with applicable regulatory standards. Specified Regulated Entities must provide requested records and policies to the Authority upon written request and are permitted to collect, use, and disclose personal data of relevant individuals without consent for compliance purposes.