What are MAS Notices on AML/CFT?
MAS Notices on AML/CFT are enforceable directives from the Monetary Authority of Singapore that outline how financial institutions must protect themselves against money laundering and terrorism financing. They prescribe a risk‑based approach: customer due diligence, ongoing monitoring, record‑keeping, suspicious transaction reporting, and screening of customers and beneficial owners.
In practice: identify the customer and verify the person behind the account, know‑ownership and control for legal entities, analyze product and geography risk, and maintain clean audit trails. Higher‑risk cases should be subjected to enhanced due diligence with tighter limits and closer eyes. Automation is welcome, theater is not—financial firms must be able to explain decisions and maintain effective oversight.
