Overview of Singapore AML regulations

Singapore maintains a robust AML framework centred on the Corruption, Drug Trafficking and Other Serious Crimes (Confiscation of Benefits) Act (CDSA) and supervised by the Monetary Authority of Singapore (MAS). Singapore's status as a major financial centre means its AML standards are aligned closely with FATF best practices.

MAS notices and guidelines

MAS issues sector-specific notices on AML/CFT requirements for banks, capital markets intermediaries, insurers, and other regulated entities. These notices prescribe detailed CDD, EDD, and ongoing monitoring requirements.

Suspicious transaction reporting

The Suspicious Transaction Reporting Office (STRO) receives and analyses STRs. Singapore has significantly increased STR filing volumes and enforcement activity in recent years.

Key considerations

Businesses operating in Singapore should ensure screening covers both international sanctions lists and MAS-specific requirements. Singapore's risk-based approach allows proportionate controls but expects robust documentation and audit trails.