The Monetary Authority of Singapore (“MAS”) is seeking comments on changes to the requirements on anti-money laundering and countering the financing of terrorism (“AML/CFT”) applicable to financial institutions regulated by MAS (“FIs”) and variable capital companies (“VCCs”) under the purview of MAS for AML/CFT obligations. The proposals are set out in the “Consultation Paper on the Proposed New AML/CFT Notice for Precious Stones and Precious Metals Activities and Updates to AML/CFT Notices” (“Consultation Paper“) which is open for public consultation until 10 August 2021.
The key proposals in the Consultation Paper concern:
- Setting out the AML/CFT requirements applicable to FIs dealing in precious stones, precious metals and precious products in a new AML/CFT Notice.
- Updating the existing MAS AML/CFT Notices for FIs and VCCs to provide for:
– New requirements relating to digital token services for FIs;
– New requirements relating to shell company that presents higher money laundering and terrorism financing risks for FIs and VCCs;
– New wire transfer and correspondent account requirements for credit card or charge card licensees;
– New disclosure requirement to designated non-financial businesses and professionals and VCCs for licensed trust companies and approved trustees; and
– Other clarifications on the requirements relating to group policy, identification and verification of customer and beneficial ownership exemptions.
This Update provides a summary of these proposals.
For more information, click here to read the full Legal Update.
