Singapore to get tougher on AML rules

Financial crime

Singapore - Singapore looks set to tighten up its anti money laundering and countering the terrorism of finance (AML/CFT) regulations by establishing a more stringent set of customer due diligence (CDD) requirements to ensure customers are who they say they are.

The Monetary Authority of Singapore (MAS) outlined the changes last month in a draft notice to banks, finance companies, life insurers, capital markets intermediaries and trust companies. In the statement, the MAS proposes: "A more

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