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Consultation on changes to AML/CFT requirements imposed on money-changing & Remittance business

Description
Dear SFA Members

We invite you to a roundtable that will be co-hosted with ACCESS (Singapore’s Cryptocurrency and Blockchain Industry Association) to discuss and obtain feedback from you on the MAS’ latest consultation paper on changes to AML/CFT requirements imposed on money-changing and remittance businesses.

Date : 30 January 2018
Time : 4 to 5 pm (registration starts 3.45 pm)
Venue : 80 Robinson Road #08-01
80RR Fintech Hub Sg Singapore 068898

We set out below more information on the consultation paper.

Following the feedback session, the SFA will coordinate your input and prepare a submission responding to the consultation paper. This is an opportunity for you to provide feedback in an anonymous fashion, as the SFA will not quote any individual member.

We encourage you to participate in this session.

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Singapore – Consultation on changes to AML/CFT requirements imposed on money-changing and remittance businesses

16 January 2018

The Monetary Authority of Singapore (“MAS”) has issued a consultation paper on changes to anti-money laundering and countering of financing of terrorism (“AML/CFT”) requirements imposed on money-changing and remittance business (“MCRB”) licensees under MAS Notice 3001.

The consultation includes (amongst others) proposals to amend MAS Notice 3001 to:
  • facilitate the conduct of non-face-to-face business; and
  • require remittance licensees to conduct customer due diligence on foreign exchange counterparties, where foreign exchange transactions are done without the use of foreign currency notes.

In relation to the conduct of non-face-to-face business, the MAS proposes to amend MAS Notice 3001 to remove the current requirement (in paragraph 6.33) for a MCRB licensee to seek written approval from the MAS before conducting business with no face-to-face contact. These proposals are intended to accommodate innovation and new technologies. MCRB licensees would instead be required to appoint an external auditor to assess the effectiveness of its policies and procedures to address any specific risks associated with non-face-to-face account relationships / transactions. The independent assessment from the auditor would need to be submitted to the MAS no later than one year after the start of the MCRB licensee’s non-face-to-face business relations.

The MAS has also proposed amendments to the Guidelines accompanying MAS Notice 3001 to provide further guidance on checks that MCRB licensees could carry out to mitigate the risks associated with non-face-to-face business. These proposed amendments include the use of new technology solutions, such as the use of biometric technologies. The proposed amendment to the Guidelines are set out in Annex D of the consultation.

The consultation closes on 12 February 2018.
Tue Jan 30, 2018
4:00 PM - 7:00 PM SGT
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Venue
80 Robinson Road #08-01 Singapore 068898
Tickets
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Venue Address
80 Robinson Road #08-01 Singapore 068898 Singapore
Organizer
Singapore FinTech Association
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