MAS Issues New MAS AML/CFT Notice for Financial Institutions Dealing in PSMs, Various Revised AML/CFT Notices for Financial Institutions and Variable Capital Companies

To better address money laundering and terrorism financing risks in the financial sector, the Monetary Authority of Singapore (“MAS“) has issued:

• A new MAS Notice on anti-money laundering and countering the financing of terrorism (“AML/CFT“) for financial institutions dealing in precious stones, precious metals and precious products (“PSM AML/CFT Notice“); and
• Various revised MAS AML/CFT Notices applicable to FIs and variable capital companies, collectively, “MAS AML/CFT Notices”. The MAS AML/CFT Notices take effect on 1 March 2022.

The MAS AML/CFT Notices follow MAS’ earlier consultation on this topic in July 2021. MAS also issued, on 1 March 2022, its Response to Feedback received on that consultation paper.

This Update briefly highlights some of the main features of the new PSM AML/CFT Notice, as well as some of the key new/revised AML/CFT requirements in various MAS AML/CFT Notices, such as: (a) the AML/CFT requirements relating to digital token services; (b) requirements relating to higher risk shell companies; (c) wire transfer and correspondent account requirements for credit card or charge card licensees; and (d) disclosure requirement for licensed trust companies and approved trustees.