Regulatory Alerts2025-06-30
Added
Notice SFA 13-N01 to Approved Trustees on Prevention of Money Laundering and Countering the Financing of Terrorism
The Monetary Authority of Singapore issued Notice SFA 13-N01 to impose anti-money laundering and countering the financing of terrorism requirements on approved collective investment scheme trustees. The notice mandates robust controls including risk assessment, customer due diligence, reliance on third parties, record keeping, and the reporting of suspicious transactions. It further requires approved trustees to maintain internal policies, compliance frameworks, audit procedures, and training programs to detect and deter illicit fund flows.
Notices
Last Revised Date: 30 June 2025
Notice SFA 13-N01 to Approved Trustees on Prevention of Money Laundering and Countering the Financing of Terrorism
Requirements for approved trustees 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:
Approved CIS Trustee
View Notice
Notice SFA 13-N01 to Approved Trustees on Prevention of Money Laundering and Countering the Financing of Terrorism
(288.2 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 approved trustees can be found in this notice, which includes the following:
Risk assessment and risk mitigation.
Customer due diligence.
Reliance on third parties.
Record keeping.
Reporting suspicious transactions.
Internal policies, compliance, audit and training.
Guidelines for approved trustees on Notice SFA 13-N01 on the prevention of money laundering and countering the financing of terrorism.
When to report suspicious activities and incidents of fraud.