Notice 626 Prevention of Money Laundering and Countering the Financing of Terrorism – Banks
Requirements for banks on anti-money laundering (AML) and countering the financing of terrorism (CFT).
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 banks can be found in this notice, which include the following:
- Risk assessment and risk mitigation.
- Customer due diligence.
- Reliance on third parties.
- Correspondent banking and wire transfers.
- Record keeping.
- Suspicious transaction reporting.
- Internal policies, compliance, audit and training.
Amendment Notes
- 30 Nov 2015
- MAS Notice 626 (Amendment) 2015 (34.3 KB) takes effect.
- 24 May 2015
- MAS Notice 626 dated 24 April 2015 (182.2 KB) takes effect, except for paragraphs 4, 5, 15.6 and 15.7 which takes effect from 24 July 2015.
- 24 May 2015
- MAS Notice 626 dated 2 July 2007 is cancelled.
- 01 Jul 2014
- MAS Notice 626 (Amendment) 2014 takes effect.
- 23 Jan 2013
- MAS Notice 626 (Amendment) 2013 takes effect.
- 02 Dec 2009
- MAS Notice 626 (Amendment) 2009 dated 3 July 2009 takes effect.
Related to this Notice
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GuidelinesLast Revised Date: 30 November 2015
Guidelines to Notice 626 on Prevention of Money Laundering and Countering the Financing of Terrorism – Banks
Guidelines for banks on Notice 626 for the prevention of money laundering and countering the financing of terrorism.
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External PublicationsPublished Date: 22 October 2015
Guidance on AML/CFT Controls in Trade Finance and Correspondent Banking
Guidance for banks, merchant banks and finance companies on AML/CFT controls in trade finance and correspondent banking.
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Monographs/Information PapersPublished Date: 16 June 2014
Guidance on Private Banking Controls
Guidance on the policies, procedures and controls applicable to private banking, in the areas of anti-money laundering and countering the financing of terrorism, fraud risk prevention and investment suitability.
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GuidelinesPublished Date: 01 April 2010
Guidelines on the Application of Banking Regulations to Islamic Banking
Guidelines for all financial institutions covering MAS' general approach to Islamic banking regulations.