Notices
Notice 314 Prevention of Money Laundering and Countering the Financing of Terrorism – Life 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.
Issued pursuant to:
This notice applies to all direct life insurers in relation to their life policies.
It sets out:
- Requirements on money laundering and terrorism financing risk assessment and mitigation measures.
- Customer due diligence (CDD) measures required before and after establishing business relations with any customer.
- Requirements regarding reliance on third parties, record keeping, access to personal data, and reporting of suspicious transactions to the authorities.
- Required procedures and controls for internal policies, compliance, audit and training.
Amendment Notes
- 30 Nov 2015
- Notice 314 (Amendment) 2015 (33.7 KB) takes effect.
- 24 Apr 2015
- Notice 314 dated 24 Apr 2015 (224.5 KB) [Cancelled with effect from 30 Nov 2015]
Related to this Notice
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GuidelinesLast Revised Date: 30 November 2015
Guidelines to Notice 314 Notice on Prevention of Money Laundering and Countering the Financing of Terrorism – Life Insurers
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.
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GuidancePublished Date: 29 May 2015
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.
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NoticesPublished Date: 23 January 2013
Notice 123 Reporting of Suspicious Activities and Incidents of Fraud
Requirements for insurers to report suspicious activities and incidents of fraud.
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GuidelinesPublished Date: 06 September 2011
Guidelines for Financial Institutions to Safeguard the Integrity of Singapore's Financial System
Guidelines for financial institutions on safeguarding the integrity of Singapore's financial system, including the filing of Suspicious Transaction Reports.