Regulatory Alerts2025-01-13
Added · Updated
Notice SFA02-N05 on Prevention of Money Laundering and Countering the Financing of Terrorism for Approved Exchanges and Recognised Market Operators
This Notice establishes anti-money laundering and countering the financing of terrorism requirements for Approved Exchanges and Recognised Market Operators in Singapore, effective 14 January 2025. It mandates risk assessments, customer due diligence measures including identification and verification of customers and beneficial owners, and ongoing monitoring of business relations. The rules prohibit anonymous accounts and require Suspicious Transaction Reports when there are reasonable grounds for suspicion, with specific thresholds such as S$20,000 for non-account customers triggering due diligence.