ARTICLE · 22 JANUARY 2019

Revised AML CFT Rules For Singapore Money Changing

Reed Smith (Worldwide)

MAS has published a response to its consultation paper of 16 January 2018, which proposed changes to the anti-money-laundering and countering-the-financing-of-terrorism rules for money-changing and remittance businesses ...

SingaporeGovernment, Public Sector

Hagen Rooke

Peter Zaman

Justine Barthe-Dejean

Author LinkedIn connections

Co-authored by Carolyn Chia and Tania Teng

The Monetary Authority of Singapore (MAS) has published a response to its consultation paper of 16 January 2018 (the 2018 CP), which proposed changes to the anti-money-laundering and countering-the-financing-of-terrorism (AML/CFT) rules for money-changing and remittance businesses (together, licensees) licensed under the Money-changing and Remittance Businesses Act (Cap. 187) (MCRBA).

This alert summarises these changes and considers the key practical impact for affected institutions.

Overview of changes

Prohibition on issuance of bearer negotiable instruments and restrictions on cash payouts

The 2018 CP proposed that licensees should be prohibited from issuing bearer negotiable instruments (broadly, traveller's cheques and other instruments in bearer form the title to which passes to the recipient on delivery) to the following persons:

We operate a free-to-view policy, asking only that you register in order to read all of our content. Please login or register to view the rest of this article.

Revised AML CFT Rules For Singapore Money Changing

Co-authored by Carolyn Chia and Tania Teng

Overview of changes

Prohibition on issuance of bearer negotiable instruments and restrictions on cash payouts

Related Articles

Anti-money Laundering Compliance In Singapore: Key Takeaways

VCC Anti-Financial Crime Rules: Key Points For Fund Managers

Singapore Consults On Strengthening AML Reporting Rules

2023: Doing Business In Singapore

Insights From The Singapore Supply Chain & Procurement Leadership Forum: Rebalancing Supply Networks

Read more about

See more popular content from

Registration Of Precious Stones And Precious Metals Dealers

MAS Publishes Circular On Ensuring Effective Detection Of Sanctions-Related Risks

Singapore Government And Industry Team Up To Tackle Money Laundering

MAS Consultation Paper On Changes To The Notification Requirement In Relation To Representatives Serving Only Non-Retail Customers

MAS Revamps The Legal Regime For Cross-Border Business Arrangements Under The Securities And Futures Act And The Financial Advisers Act

Anti-money Laundering Compliance In Singapore: Key Takeaways

GIC Invests In Capital First Limited

MAS Proposes Enhanced Requirements For Protection Of Client Moneys And Assets Held By Capital Markets Intermediaries

Ministry Of Law Consults On Proposed Anti-Money Laundering Regime For Dealers In Precious Stones And Precious Metals

Singapore Revises PR Scheme: Courting Investments