Singapore | Practical Implications of MAS' 8th April Consultation Paper – Proposed Amendments to Singapore's AML/CFT Regime

This legal update summarises and interprets the MAS' recent Consultation Paper on Proposed Amendments to AML/CFT Notices and Guidelines (the “Consult Paper”), dated 8th April 2025. The Consult Paper aims to enhance Singapore's AML/CFT regime, aligning MAS' regulation of financial institutions and variable capital companies with prevailing FATF standards. Of note are the MAS' enhanced expectations with respect to customer screening and verification of Source of Wealth and Source of Funds. The proposed amendments are set to take effect from 30 June 2025 and will apply to all financial institutions and variable capital companies.

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