The Guidelines also provide sample forms and checklists1 to assist regulated dealers in meeting their regulatory obligations. However, regulated dealers remain responsible for ensuring that their Anti-Money Laundering/Countering the Financing of Terrorism (“AML/CFT”) measures are appropriately designed for their business and commensurate with their money laundering/terrorism financing (“ML/TF”) risk exposure.
1Annexes of the Guidelines are available in Microsoft Word document format for ease of editing.
2. Sample forms for CDD and ECDD
Regulated dealers are required to keep records of the customer due diligence (“CDD”) and enhanced customer due diligence (“ECDD”) performed. The sample forms are extracted from the Guidelines and available in Microsoft Word document format for ease of editing.
3. Monetary Authority of Singapore’s (“MAS”) website - Lists of Designated Individuals and Entities
MAS publishes lists of individuals and entities designated under the United Nations Act (“UN Act”) and the Terrorism (Suppression of Financing) Act (“TSOFA”). Regulated dealers should subscribe to the MAS mailing list to receive updated lists of designated individuals and entities. Regulated dealers are required to screen their customers against the lists before engaging in any business or commercial activity with them.
4. Inter-Ministry Committee on Terrorist Designation (“IMC-TD”)
The IMC-TD acts as Singapore’s authority relating to the designation of terrorists. This prohibits any person/ entity from dealing with or providing any financial assistance to designated subjects, as required under the TSOFA.
On MHA’s website on IMC-TD, you will find information on counter terrorism financing legislation, IMC-TD’s process of designation, and relevant news articles.
To find out more about your obligations as a regulated dealer on countering terrorism financing, please click here.
5. Notice for Customers from the Ministry of Law (“Notice for Customers”)
The Notice for Customers explains that regulated dealers are required to collect identifying information from customers under the regulatory regime. Regulated dealers may wish to consider using the Notice for Customers to educate their customers on the AML/CFT requirements.
This Notice for Customers is available in 4 languages - English, Chinese, Malay and Tamil.