The Monetary Authority of Singapore (MAS) has published revised notices to financial institutions on anti-money laundering and countering the financing of terrorism (AML/CFT).

The revisions are benchmarked against international best practices and the latest recommendations of the Financial Action Task Force.

Key changes to the AML/CFT notices include:

• requiring more comprehensive enterprise-wide AML/CTF risk assessment to complement risk assessment of individual customers;
• elaborating on the requisite steps to identify and verify beneficial ownership of companies, LLPs and trusts;
• introducing a new category of politically exposed persons; and
• additional requirements for larger value cross-border wire transfers.

The MAS has also updated the guidelines to the AML/CFT Notices to provide additional supervisory guidance.

Copies of the press release and a webpage with links to the revised notices and guidelines are available.