On Apr. 8, SIN MAS issued proposal to amend AML/CFT notices.
SIN MAS issued proposed amendments to AML/CFT notices and guidelines for financial institutions and variable capital companies, seeking to ensure AML/CFT regime remains clear and aligned with international standards, particularly FATF revised standards.
Outline of Amendments
Clarifying that money laundering includes proliferation financing, and that ML/TF risk assessments carried out by financial institutions and variable capital companies must include PF risk assessments; in addition, amendments to notice TCA-N03 (#110814).
Changes align with Trustees act 1967 and contemplated legislative changes arising from revised FATF recommendation 25; expand definition of trust relevant party to include protectors, class of beneficiaries, persons with power under legal arrangements.
Removing requirement for FIs and VCCs to extend an additional copy of suspicious transaction reports filed with the Suspicious Transaction Reporting Office to SIN MAS.
Clarifying timelines for filing STRs; enhancing guidance on screening processes, requiring pertinent search engines used in jurisdictions associated with the person screened, and screening in the native language; clarifications on source of wealth.
In addition to source of funds, requiring corroboration of information that is more material or presents higher ML/TF risks; amendments propose including characteristics of higher-risk shell companies as examples of potentially higher-risk categories.
Consultation Period
The comment period for this consultation is open until May 8, 2025.
