On 26 June 2015, the Monetary Authority of Singapore Act (the “MAS Act”) was amended to strengthen the supervisory powers of the Monetary Authority of Singapore (the “MAS”) in relation to anti-money laundering and countering the financing of terrorism (“AML/CFT”) in Singapore. The changes bring the regime in line with international standards set by the Financial Action Task Force (the “FATF”) and the Basel Committee on Banking Supervision.
The Bill to amend the MAS Act was introduced on 13 April 2015 and passed by Parliament on 11 May 2015. This followed an earlier public consultation conducted by the MAS on a draft version of the Bill in June/July 2014.
Broadly, the MAS Act has been amended to:
- set out the AML/CFT requirements in the MAS Act, which were only set out in the AML/CFT Notices issued by the MAS previously;
- set out the MAS’ powers to conduct AML/CFT inspections on financial institutions and to approve such inspections by home AML/CFT supervisors;
- empower the MAS to share information with supervisory authorities; and
- extend the scope of the AML/CFT regime to include designated financial holding companies and non-bank credit card or charge card issuers.
Please click on the links below for materials relating to the above development:
- Second Reading Speech in relation to the MAS (Amendment) Bill 2015 delivered on 11 May 2015 and available on the MAS website www.mas.gov.sg