Regulatory Alerts2025-06-30
Added
Notice 314 Prevention of Money Laundering and Countering the Financing of Terrorism – Life Insurers
The Monetary Authority of Singapore issued Notice 314 to require direct life insurers to exercise due diligence and maintain high ethical standards to guard against money laundering and terrorism financing. The notice mandates specific customer due diligence measures, risk assessment protocols, record-keeping procedures, and internal compliance controls for life policy business. It also extends AML/CFT requirements to capital markets services licensees and financial advisers regarding cross-border arrangements with foreign offices and related corporations.