Notice SFA 04-N02 to Capital Markets Intermediaries on Prevention of Money Laundering and Countering the Financing of Terrorism

Notices

Last Revised Date: 30 June 2025

Notice SFA 04-N02 to Capital Markets Intermediaries on Prevention of Money Laundering and Countering the Financing of Terrorism

Requirements for capital markets intermediaries on anti-money laundering (AML) and countering the financing of terrorism (CFT).

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Notice SFA 04-N02 to Capital Markets Intermediaries on Prevention of Money Laundering and Countering the Financing of Terrorism

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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 capital markets intermediaries can be found in this notice, which includes the following:

Risk assessment and risk mitigation.

Customer due diligence.

Reliance on third parties.

Correspondent accounts.

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 capital markets intermediaries on Notice SFA04-N02 on the prevention of money laundering and countering the financing of terrorism.

Provides guidance on regulatory requirements that an exempt financial adviser serving up to not more than 30 accredited investors or an exempt corporate finance adviser is expected to comply with, including criteria for exemption, form for lodgement as an exempt person and ongoing regulatory requirements.

When to report suspicious activities and incidents of fraud.

Circular to Broker-Dealers on Enhancing Anti-Money Laundering & Countering the Financing of Terrorism Measures and Business Conduct

Circular to Corporate Finance Firms on Enhancing Anti-Money Laundering & Countering the Financing of Terrorism Measures and Business Conduct

Circular to Fund Management Companies on Enhancing Anti-Money Laundering & Countering the Financing of Terrorism Measures and Business Conduct