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Anti-Money Laundering and Counter Financing of Terrorism (AML/CFT) – Money Services Business (Sector 3) (Supplementary Document No. 1)
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Anti-Money Laundering and Counter Financing of Terrorism (AML/CFT) – Money Services Business (Sector 3) (Supplementary Document No. 1)
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Anti-Money Laundering and Counter Financing of Terrorism (AML/CFT) – Money Services Business (Sector 3) (Supplementary Document No. 1)
Release Date: 07 Dec 2017Issuance Date:
30 November 2017
Effective Date:
30 November 2017
Summary:
This policy document sets out the minimum requirements and standards that an approved remittance service provider must observe in implementing electronic Know Your Customer (e-KYC) for establishing business relationships and conducting consumer due diligence in carrying on remittance business through online or mobile channels. This is to ensure effective and robust Anti-Money Laundering and Counter Financing of Terrorism (AML/CFT) control measures and systems for the provision of online and mobile remittance services.
Applicability:
MSBA
Section in Charge:
POLICY, COMMUNICATION & INDUSTRY TRANSFORMATION (MONEY SERVICES BUSINESS REGULATION DEPARTMENT)
Issuing Department:
Financial Intelligence and Enforcement
Refer Attachment:
- Anti-Money Laundering and Counter Financing of Terrorism (AML/CFT) - Money Services Business (Sector 3) (Supplementary Document No. 1)
- Implementation Guidance on e-KYC by MSB Industry Frequently Asked Questions and Answers (FAQs)
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