Regulatory Alerts2022-03-01
Added
Notice 824 on Prevention of Money Laundering and Countering the Financing of Terrorism – Finance Companies
The Monetary Authority of Singapore issued Notice 824 to require finance companies to implement robust controls for detecting and deterring illicit funds. The notice mandates specific anti-money laundering and countering the financing of terrorism measures, including risk assessment, customer due diligence, and suspicious transaction reporting. It also outlines AML/CFT requirements for capital markets services licensees and financial advisers regarding cross-border arrangements with foreign entities.