On 9 July 2021, the Monetary Authority of Singapore (MAS) issued consultation paper proposing to update anti-money laundering and countering the financing of terrorism (AML/CFT) notices for financial institutions (FI) and variable capital companies (VCC).
MAS intends to introduce AML/CFT requirements relating to services and transactions involving Digital Payment Token (DPTs) and digital tokens that are capital markets products as defined in section 2(1) of the SFA (DCMPTs) in the respective FI-specific AML/CFT Notices that apply to banks, merchant banks, finance companies, credit card or charge card licensees, and Capital Markets Services (CMS) licensees.
In relation to Notice SFA04-N02 Capital Markets Intermediaries (CMI) on Prevention of Money Laundering and Countering the Financing of Terrorism, and Notice VCC-N01 Prevention of Money Laundering and Countering the Financing of Terrorism – Variable Capital Companies (VCCs), the key proposed amendments are as follow.
For details on the consultation paper, please refer to the MAS website https://www.mas.gov.sg/publications/consultations/2021/new-psm-notice-and-updates-to-existing-notices
Disclaimer: The information, views or opinions expressed are provided for general information and should not be relied upon as legal or professional advice.