On 1 July 2014, the Monetary Authority of Singapore (the “MAS”) amended the MAS Notices on Prevention of Money Laundering and Countering the Financing of Terrorism (the “AML/CTF Notices”) to address issues arising from the implementation of the Personal Data Protection Act 2012. This follows a consultation exercise conducted by the MAS on the changes from 2 to 20 June 2014.
The AML/CTF Notices were amended to expressly allow a financial institution (an “FI”) to collect, use and disclose personal data of an individual (the “relevant individual”) who is:
- a customer;
- appointed to act on behalf of a customer;
- a connected party of a customer; or
- a beneficial owner of a customer;
without the relevant individual’s consent, for the purposes of complying with the requirements under the AML/CTF Notices.
In addition, the AML/CTF Notices provide that, in general, an FI is not required to provide the relevant individual with the right to access or correct an error or omission of his personal data in the possession or under the control of the FI, except with regard to the following:
- personal data of the relevant individual which was provided by him to the FI;
- his factual identification data (namely, his name, identity card number, birth certificate number, passport number, existing residential address, contact telephone number, date of birth and nationality).
Please click on the links below to view the revised AML/CFT Notices that are available from the MAS website www.mas.gov.sg:
- Approved Trustees (MAS Notice SFA13-N01);
- Banks (MAS Notice 626);
- Capital Markets Intermediaries (MAS Notice SFA04-N02);
- Financial Advisers (MAS Notice FAA-N06);
- Finance Companies (MAS Notice 824);
- Holders of Money-Changer’s Licence and Remittance Licence (MAS Notice 3001);
- Holders of Stored Value Facilities (MAS Notice PSOA-N02);
- Life Insurers (MAS Notice 314);
- Merchant Banks (MAS Notice 1014); and
- Trust Companies (MAS Notice TCA-N03).