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Requirements for prevention of money laundering and terrorism financing

Monetary Authority of Singapore Act 1970

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—(1) The Authority may, from time to time, issue such directions or make such regulations concerning any financial institution or class of financial institutions as the Authority considers necessary for the prevention of money laundering or for the prevention of the financing of terrorism.(1A) In particular, the directions and regulations under subsection (1) may provide for —(a)customer due diligence measures to be conducted by financial institutions to prevent money laundering and the financing of terrorism; and(b)the records to be kept for that purpose.(1B) A financial institution must —(a)conduct such customer due diligence measures as may be specified by the directions referred to in subsection (1A) that are issued to it, or as may be prescribed by the regulations referred to in that subsection that are applicable to it; and(b)maintain records on transactions and information obtained through the conduct of those measures for such period and in such manner as may be specified by the directions referred to in subsection (1A) that are issued to it, or as may be prescribed by the regulations referred to in that subsection that are applicable to it.(2) A financial institution which —(a)fails to comply with a direction issued to it under subsection (1);(b)contravenes any regulation made under subsection (1); or(c)contravenes subsection (1B),shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $1 million and, in the case of a continuing offence, to a further fine of $100,000 for every day or part of a day during which the offence continues after conviction.(3) In this section, “financial institution” has the meaning given by section 27A(6) read with section 27A(7).

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