Regulatory Alerts2025-06-30
Added
Notice FAA-N06 on Prevention of Money Laundering and Countering the Financing of Terrorism - Financial Advisers
The Monetary Authority of Singapore issues Notice FAA-N06 to impose anti-money laundering and countering the financing of terrorism requirements on licensed and exempt financial advisers. The notice mandates robust controls including risk assessment, customer due diligence, record keeping, and suspicious transaction reporting to detect illicit funds. It also specifies AML/CFT obligations for cross-border arrangements with Foreign Offices and Foreign Related Corporations under relevant exemption regulations.
Notices
Last Revised Date: 30 June 2025
Notice FAA-N06 on Prevention of Money Laundering and Countering the Financing of Terrorism - Financial Advisers
Requirements for financial advisers 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
Applies to:
Licensed Financial Adviser
,
Exempt Financial Adviser
,
Exempt Financial Adviser Serving up to 30 Accredited Investors
View Notice
Notice FAA-N06 on Prevention of Money Laundering and Countering the Financing of Terrorism - Financial Advisers
(252.1 KB)
Financial institutions 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 licensed financial advisers, registered insurance brokers exempt under section 23(1)(c) of the FAA and exempt financial advisers serving up to 30 accredited investors can be found in this notice, which include the following:
Risk assessment and risk mitigation.
Customer due diligence.
Reliance on third parties.
Record keeping.
Suspicious transaction reporting.
Internal policies, compliance, audit and training.
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 financial advisers on the requirements in Notice FAA-N06 for the prevention of money laundering and countering the financing of terrorism.
Governs the regulation of financial advisers in Singapore, including their representatives and supervisors.