Strengthening Singapore's Safeguards Against Financial Crime
The Monetary Authority of Singapore (MAS) has rolled out significant updates to its Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) framework, effective July 1, 2025. These updates are designed to align Singapore’s standards with FATF recommendations and bolster its position as a trusted global financial hub.
Here’s what’s new:
- Proliferation Financing (PF) Integration: Financial institutions and VCCs must now assess PF risks alongside money laundering and terrorism financing risks.
- Improved Trust Regime: Expanded definitions around trust roles and more precise identification requirements to ensure better compliance.
- Simplified STR Filing: Streamlined suspicious transaction report procedures – one day for sanctioned parties, five business days for others.
- Stronger Due Diligence: Enhanced screening accuracy, improved checks on the source of funds, and better information sharing.
These changes affect all MAS-regulated entities, including banks, payment service providers, insurers, digital token service providers, and more.
The move underscores Singapore's commitment to a robust financial ecosystem that’s resilient against emerging threats.
Action Required
Update your compliance frameworks and ensure staff are equipped with the training needed for a smooth implementation.
Get In Touch
For more information please contact Michael Velten.
michael@veltenadvisors.com
+6590687547
37 Ann Siang Rd, Singapore 069715
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