Notice SFA 04-N20 on AML/CFT Requirements for Cross-Border Arrangements with Foreign Offices

Notices

Last Revised Date: 30 June 2025

Notice SFA 04-N20 to Specified Licence Holders and Specified Exempt Persons in relation to Cross-Border Arrangements under the Securities and Futures (Exemption for Cross-Border Arrangements) (Foreign Offices) Regulations 2021 on Prevention of Money Laundering and Countering the Financing of Terrorism

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.

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Notice SFA 04-N20 to Specified Licence Holders and Specified Exempt Persons in relation to Cross-Border Arrangements under the Securities and Futures (Exemption for Cross-Border Arrangements) (Foreign Offices) Regulations 2021 on Prevention of Money Laundering and Countering the Financing of Terrorism

(139.9 KB)

This notice applies to

• Capital markets services licensees (excluding venture capital fund managers);

• Exempt futures brokers and exempt over-the-counter derivatives brokers; and

• Banks, merchant banks, finance companies and insurers

that have entered into a cross-border arrangement with their FOs to conduct regulated activities under the SFA.

It sets out the ongoing requirements for these Specified Regulated Entities in relation to their cross-border arrangements to ensure that there are adequate internal policies, procedures and controls, for ensuring that the performance of CDD measures by its FOs, in respect of customers under the arrangements, is consistent with the requirements set out under the relevant AML/CFT Notice applicable to the Specified Regulated Entity.

30 June 2025

This MAS Notice SFA04-N20 (Cancellation) Notice dated 30 June 2025 (84.6 KB) cancels MAS Notice SFA04-N20 to Specified Licence Holders and Specified Exempt Persons in relation to Cross-Border Arrangements under the Securities and Futures (Exemption for Cross-Border Arrangements) (Foreign Offices) Regulations 2021 on Prevention of Money Laundering and Countering the Financing of Terrorism dated 8 October 2021

with effect from 1 July 2025.

8 October 2021

MAS Notice SFA04-N20 dated 8 October 2021 takes effect on 9 October 2021.

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.

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

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

Form for specified capital markets services licensees (“CMSLs”), specified exempt CMSLs, licensed financial advisers and specified exempt financial advisers to submit their annual declaration for cross-border arrangements notified under the following Exemption Regulations:

• Securities and Futures (Exemption for Cross-Border Arrangements) (Foreign Related Corporations) Regulations 2021;

• Financial Advisers (Exemption for Cross-Border Arrangements) (Foreign Related Corporations) Regulations 2021;

• Securities and Futures (Exemption for Cross-Border Arrangements) (Foreign Offices) Regulations 2021;

• Financial Advisers (Exemption for Cross-Border Arrangements) (Foreign Offices) Regulations 2021.

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This form must be submitted not later than 5 months from the end of the financial year.

Form for specified capital markets services licensees (“CMSLs”), specified exempt CMSLs, licensed financial advisers and specified exempt financial advisers to notify MAS of their cross-border arrangements with Foreign Related Corporations or Foreign Offices under the following Exemption Regulations:

• Securities and Futures (Exemption for Cross-Border Arrangements) (Foreign Related Corporations) Regulations 2021;

• Financial Advisers (Exemption for Cross-Border Arrangements) (Foreign Related Corporations) Regulations 2021;

• Securities and Futures (Exemption for Cross-Border Arrangements) (Foreign Offices) Regulations 2021;

• Financial Advisers (Exemption for Cross-Border Arrangements) (Foreign Offices) Regulations 2021.

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This form must be submitted not later than 14 days after the date of commencement of qualifying business under the Exemption Regulations.

Form for specified capital markets services licensees (“CMSLs”), specified exempt CMSLs, licensed financial advisers and specified exempt financial advisers to notify MAS of their change in particulars to cross-border arrangements notified under the following Exemption Regulations:

• Securities and Futures (Exemption for Cross-Border Arrangements) (Foreign Related Corporations) Regulations 2021;

• Financial Advisers (Exemption for Cross-Border Arrangements) (Foreign Related Corporations) Regulations 2021;

• Securities and Futures (Exemption for Cross-Border Arrangements) (Foreign Offices) Regulations 2021;

• Financial Advisers (Exemption for Cross-Border Arrangements) (Foreign Offices) Regulations 2021.

This form must be submitted not later than 14 days after the date of the change.

Clarifications on the requirements under the Exemption Frameworks for cross-border business arrangements of capital markets intermediaries involving Foreign Related Corporations and Foreign Offices.

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

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

Requirements for specified capital markets services licensees (“CMSLs”) and specified exempt CMSLs 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.

This consultation seeks comments on the draft Notices setting out the proposed anti-money laundering and countering the financing of terrorism requirements under both the proposed Branch Framework and notified FRC framework.

Consultation number:

P005-2021

Start date:

12 May 2021

Closing date:

11 June 2021

MAS response date:

08 October 2021