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Notices
 Last Revised Date: 30 November 2015

Notice TCA-N03 Prevention of Money Laundering and Countering the Financing of Terrorism - Trust Companies

Requirements for trust companies on anti-money laundering (AML) and countering the financing of terrorism (CFT).

Issued pursuant to:

Monetary Authority of Singapore Act (Cap. 186) section 27B

Applies to: Licensed Trust Company
View Notice Notice TCA-N03 Prevention of Money Laundering and Countering the Financing of Terrorism - Trust Companies (169.3 KB)

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 trust companies can be found in this notice, which includes the following:

  • Risk assessment and risk mitigation.
  • Customer due diligence.
  • Reliance on third parties.
  • Record keeping.
  • Reporting suspicious transactions.
  • Internal policies, compliance, audit and training.

Amendment Notes

24 May 2015
MAS Notice TCA-N03 dated 24 April 2015 (237.8 KB) takes affect and MAS Notice TCA-N03 dated 2 July 2007 is cancelled.
01 Jul 2014
MAS Notice TCA-N03 (Amendment) 2014 takes affect.
23 Jan 2013
MAS Notice TCA-N03 (Amendment) 2013 takes affect.
02 Dec 2009
MAS Notice TCA-N03 (Amendment) 2009 dated 3 July 2009 takes affect.