Overview
Combating money laundering, terrorism financing and proliferation financing are priorities for MAS. We require our financial institutions to have sufficiently robust controls to detect and deter such illicit activities. We also partner the industry to bolster their defences, by engaging them on emerging money laundering risks, evolving criminal typologies and industry best practices. MAS is firmly committed to safeguarding Singapore as a clean and trusted financial centre.
Sustained effort and unstinting vigilance will be needed on the part of industry players to manage the risk of illicit finance and keep our financial centre clean.
Ravi Menon, Managing Director, MAS
MAS Annual Report 2016/2017
Initiatives
AML/CFT Industry Partnership (ACIP)
Access ACIP best practice papers for guarding against trade-based money laundering and the misuse of company structures for illicit purposes.
STR Reporting Forms and Platform
Report suspicious transactions using the revised STR forms and STRO Online Notices And Reporting (SONAR) platform. This enables more in-depth and efficient analysis.
MAS Guidance Papers
Access MAS-issued guidance papers, setting out our supervisory expectations for financial institutions to combat money laundering, terrorism financing, and proliferation financing.
Our Role in International Standard Setting
Singapore is an active member of the Financial Action Task Force (FATF), the global standard setting and oversight body for AML/CFT. As co-chair of its Policy Development Group, Singapore collaborates closely with fellow AML/CFT policy makers and supervisors to develop international standards. We are a founding member of the Asia / Pacific Group on Money Laundering . We are committed to implementing a robust regulatory and supervisory regime in line with the FATF Standards and international best practices.
What's New
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"Growing a Vibrant Insurance Linked Securities Market in Asia" - Speech by Mr Lim Cheng Khai, Executive Director, Financial Markets Development Department, Monetary Authority of Singapore, at the Artemis ILS Asia Conference 13 July 2023
Steve Evans, Editor in Chief, Artemis Distinguished guests Ladies and gentlemen Introduction 1. Good morning. Thank you for having me at the Artemis ILS Asia Conference. It is good to see the event back for its fifth installation in Singapore. I am happy to be here, to reconnect with friends I’ve met in Artemis New York...
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MASM-802-Yusuf-Test-updated
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Testing FATF Statement
Testing short summary
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Guidance to Capital Markets Intermediaries on Enhancing AML/CFT Frameworks and Controls
Sets out MAS’ supervisory expectations of sound AML/CFT practices for capital markets intermediaries (CMIs). The paper is based on inspections of CMIs, but the takeaways are applicable to other financial institutions, with the appropriate calibrations.
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June 2018 FATF Statement
Read MAS' announcement on the June 2018 FATF Statement highlighting jurisdictions with strategic deficiencies in AML/CFT.
Regulations and Guidance
The controls that MAS requires of financial institutions include the need to identify and know their customers (including beneficial owners), conduct regular account reviews, and monitor and report any suspicious transaction.
The requirements and expectations on financial institutions are set out in MAS' AML/CFT Notices, Guidelines, and other Guidances on MAS' supervisory expectations.
Financial institutions should also refer to:
- AML/CFT announcements and media releases for information on high-risk jurisdictions as well as other news.
- AML/CFT Guidance Papers issued by international bodies.
Financial institutions must also comply with MAS regulations which give effect to obligations arising from the United Nations Security Council Resolutions to combat proliferation financing. They must also comply with obligations to combat terrorism financing, such as those found under the Terrorism (Suppression of Financing) Act .
Under the MAS Act , a financial institution that fails or refuses to comply with the requirements of its applicable AML/CFT notice is guilty of an offence and will be liable on conviction to a fine not exceeding $1 million.