Notice 314 Prevention of Money Laundering and Countering the Financing of Terrorism – Life Insurers

Notices

Last Revised Date: 30 June 2025

Notice 314 Prevention of Money Laundering and Countering the Financing of Terrorism – Life Insurers

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.

AML/CFT

Issued pursuant to:

Financial Services and Markets Act 2022 section 16

Applies to:

Direct Insurer (Life)

,

Direct Insurer (Composite)

View Notice

Notice 314 Prevention of Money Laundering and Countering the Financing of Terrorism – Life Insurers

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This notice applies to all direct life insurers in relation to their life policies.

It sets out:

Requirements on money laundering and terrorism financing risk assessment and mitigation measures.

Customer due diligence (CDD) measures required before and after establishing business relations with any customer.

Requirements regarding reliance on third parties, record keeping, access to personal data, and reporting of suspicious transactions to the authorities.

Required procedures and controls for internal policies, compliance, audit and training.

Requirements for specified capital markets services licensees (“CMSLs”) and specified exempt CMSLs on anti-money laundering and countering the financing of terrorism (“AML/CFT”) in relation to their cross-border arrangements with Foreign Offices (“FOs”) under the Securities and Futures (Exemption for Cross-Border Arrangements) (Foreign Offices) Regulations 2021.

Requirements for specified capital markets services licensees (“CMSLs”) and specified exempt CMSLs 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 Securities and Futures (Exemption for Cross-Border Arrangements) (Foreign Related Corporations) Regulations 2021.

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 Offices (“FOs”) under the Financial Advisers (Exemption for Cross-Border Arrangements) (Foreign Offices) Regulations 2021.

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.

Guidelines on processes and controls to prevent money laundering and countering the financing of terrorism, in relation to general insurance and reinsurance business as well as business related to accident and health policies.

Guidelines for direct life insurers on the requirements in MAS Notice 314 on Prevention of Money Laundering and Countering the Financing of Terrorism, in relation to their life policies.

Informs insurers of the consequential amendments as well as other amendments to certain Notices arising from the Banking (Amendment) Act 2020.

Provides clarifications to some frequently asked questions on MAS Guidelines on Prevention of Money Laundering and Countering the Financing of Terrorism - Direct General Insurance Business, Reinsurance Business, and Direct Life Insurance Business (Accident & Health Policies)

Guidance to direct life insurers on strengthening their controls for preventing money laundering and terrorism financing. The observations were drawn from MAS’ review of the AML/CFT practices of insurers.

MAS proposed amendments to its notices to financial institutions (FIs) on anti-money laundering and countering the financing of terrorism (AML/CFT). The proposed amendments draw reference from international best practices and the latest recommendations of the Financial Action Task Force (FATF), the global standard-setter for measures to combat money laundering (ML), terrorist financing (TF), and the financing of proliferation. Many of the proposed changes formalise existing supervisory expectations and practices of FIs.

Consultation number:

P009 - 2014

Start date:

15 July 2014

Closing date:

14 August 2014

MAS response date:

24 April 2015

Requirements for insurers to report suspicious activities and incidents of fraud.

Guidelines for financial institutions on safeguarding the integrity of Singapore's financial system, including the filing of Suspicious Transaction Reports.