Direct Life Insurers - Guidance on AML/CFT Controls
Guidance to direct life insurers on strengthening their controls for preventing money laundering and terrorism financing. The observations were drawn from MAS’ review of the AML/CFT practices of insurers.
Requirements for direct life insurers to exercise due diligence and conduct their business with high ethical standards, to guard against money laundering and terrorism financing.
Guidelines for direct life insurers on the requirements in Notice 314 on Prevention of Money Laundering and Countering the Financing of Terrorism, in relation to their life policies.