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PDPA related amendments to MAS AML/CFT notices and MAS’ response to feedback received

July 2014 - Finance. Legal Developments by Drew & Napier LLC .

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In light of the Personal Data Protection Act coming into force, the Monetary Authority of Singapore ("MAS") published a consultation paper proposing amendments ("Personal Data Amendment") to MAS notices on prevention of money laundering and countering the financing of terrorism ("ML/CFT Notices"). The Personal Data Amendment aimed to clarify that for the purposes of meeting anti-money laundering / countering the financing of terrorism requirements, financial institutions may collect, use and disclose personal data without customer consent, as per existing practice. Following the receipt of feedback, MAS made further amendments to the Personal Data Amendment and published its response discussing the further amendments in light of feedback received. This update is a follow up to our earlier update on the Personal Data Amendment and discusses MAS' response.

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