Financial institutions in Singapore must have strong controls in place to find and stop the flow of illegal funds through the country’s financial system. As part of these controls, financial institutions must be able to identify and know their customers, including the “beneficial owners,” review accounts regularly, and watch for and report any suspicious transactions.
In this notice, you can find the AML/CFT rules for banks, which include the following:
1. Risk assessment and risk mitigation.
2. Customer due diligence.
3. Depending on other people.
4. Banking by mail and wire transfers.
5. Keeping a record.
6. Reporting of suspicious transactions.
7. Policies, compliance, audits, and training on the inside.