Notice 824 on Prevention of Money Laundering and Countering the Financing of Terrorism – Finance Companies

Notices

Last Revised Date: 01 March 2022

Notice 824 on Prevention of Money Laundering and Countering the Financing of Terrorism – Finance Companies

Requirements for finance companies on anti-money laundering (AML) and countering the financing of terrorism (CFT).

AML/CFT

Issued pursuant to:

Monetary Authority of Singapore Act (Cap. 186) section 27B

; Finance Companies Act (Cap. 108) section 6(1)

Applies to:

Finance Company

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Notice 824 on Prevention of Money Laundering and Countering the Financing of Terrorism – Finance Companies

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Finance companies operating in Singapore are required to put in place robust controls to detect and deter the flow of illicit funds through Singapore's financial system.

Such controls include the need for financial institutions to identify and know their customers (including beneficial owners), to conduct regular account reviews, and to monitor and report any suspicious transaction. The AML/CFT requirements for finance companies can be found in this notice, which includes the following:

Risk assessment and risk mitigation.

Customer due diligence.

Reliance on third parties.

Correspondent banking and wire transfers.

Record keeping.

Suspicious transaction reporting.

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 for finance companies on Notice 824 for the prevention of money laundering and countering the financing of terrorism.