Regulatory Alerts2025-06-30
Added
Notice TCA-N03 Prevention of Money Laundering and Countering the Financing of Terrorism - Trust Companies
The Monetary Authority of Singapore issued Notice TCA-N03 to establish anti-money laundering and countering the financing of terrorism requirements for licensed trust companies. The notice mandates robust controls including risk assessment, customer due diligence, record keeping, and the reporting of suspicious transactions. It serves as the primary regulatory framework for ensuring trust companies detect and deter illicit fund flows within Singapore's financial system.
Notices
Last Revised Date: 30 June 2025
Notice TCA-N03 Prevention of Money Laundering and Countering the Financing of Terrorism - Trust Companies
Requirements for trust companies 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 Trust Company
View Notice
Notice TCA-N03 Prevention of Money Laundering and Countering the Financing of Terrorism - Trust Companies
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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 trust companies 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 trust companies on Notice TCA-N03 on the prevention of money laundering and countering the financing of terrorism.
This circular sets out common findings and good practices observed during AML/CFT thematic inspections of licensed trust companies in 2014.
This circular sets out common findings and good practices observed during AML/CFT thematic inspections of licensed trust companies between 2011 to 2013.
This circular sets out common findings and good practices observed during AML/CFT thematic inspections of licensed trust companies between 2007 to 2008.
Sets out the requirements which apply when licensed or exempt trust companies enter into certain trust arrangements with certain specified persons