Singapore
Overview
Singapore combines criminal confiscation/proceeds legislation with sector-specific preventive AML/CFT rules. MAS notices are central for regulated financial institutions; the Payment Services Act and Financial Services and Markets framework extend coverage to payment, digital payment token and specified digital token services. MAS Notice PSN02 was amended for digital payment token AML/CFT effective 1 July 2025, separately from the contemporaneous Notice 626 bank rule.
MAS notices require customer and beneficial-owner identification appropriate to the regulated activity and risk. Corporate beneficial-ownership transparency is maintained through Singapore company-law arrangements in parallel.
Suspicious transaction reporting is made to STRO. MAS notices impose sector-specific CDD, ongoing monitoring, sanctions/TF screening, recordkeeping and reporting controls.
Compliance Calendar2
Requirement
Suspicious Transaction Report (STR)
Authority / Report toSuspicious Transaction Reporting Office (STRO)
Deadline / triggerAs soon as reasonably practicable under CDSA section 45. For banks, MAS Notice 626 paragraph 14.2 requires prompt submission of suspicious-transaction reports, including attempted transactions.
Requirement
- Subject scope
- A person acting in the course of trade, profession, business or employment who knows or has reasonable grounds to suspect that property may be connected to criminal activity. Sector rules add institution-specific requirements.
- Trigger
- Knowledge or reasonable grounds to suspect that property may be connected to criminal activity; terrorist-financing information can also be disclosed to STRO through an STR.
- Filing channel
- Electronic filing through STRO Online Notices And Reporting (SONAR).
Impact
- Consequences of non-compliance
- Failure to file an STR may constitute a criminal offence. No current monetary maximum is shown without provision-specific confirmation from Singapore Statutes Online.
- Enforcement authority
- Singapore Police Force / STRO; sector supervisors may take separate regulatory action under the applicable sector regime.
- Operational impact
- Internal escalation and investigation workflows should be capable of reaching and filing an STR decision without creating delay inconsistent with the statutory/sector reporting standard.
Requirement
Banking / Credit Institutions
Bank AML/CFT records, controls, compliance, audit and training
Authority / Report toMonetary Authority of Singapore (supervisory oversight). Suspicious reports themselves are filed with STRO
Deadline / triggerOngoing. MAS Notice 626 contains continuing recordkeeping and internal policies/compliance/audit/training requirements rather than one universal filing date.
Requirement
- Sector scope
- Banking / Credit Institutions
- Subject scope
- Banks within the scope of MAS Notice 626.
- Trigger
- Continuous while carrying on regulated banking business.
- Legal basis
Impact
- Consequences of non-compliance
- Non-compliance may lead to MAS supervisory or enforcement action. A single monetary penalty is not asserted because consequences depend on the breached requirement and enforcement route.
- Enforcement authority
- Monetary Authority of Singapore (MAS)
Authorities & FIU6
FATF Assessment
Measures how fully the jurisdiction has implemented FATF’s technical requirements. It does not measure practical effectiveness.
Measures whether the AML/CFT system achieves its intended results in practice. Follow-up reports do not normally replace these ratings.
Explore 40 FATF RecommendationsSee every Technical Compliance rating and what it means.+
Explore 11 Immediate OutcomesSee how FATF rates whether the AML/CFT system works in practice.+
Regulatory Timeline53
MAS issued amendments to AML/CFT notices, including Notice 626 for banks and PSN01 for specified payment services, taking effect from 1 July 2025.
The notice establishes AML/CFT requirements for covered digital token service providers under the Financial Services and Markets framework.
Specified Singapore-based digital token service providers serving customers outside Singapore fall within the new licensing/AML framework, subject to the statutory regime.
The Monetary Authority of Singapore lists a PSN02 amendment dated 30 June 2025, effective on 1 July 2025. Notice PSN02 contains the AML/CFT requirements for digital payment token service providers, including risk assessment, customer due diligence, monitoring, record keeping and suspicious transaction reporting. This instrument is distinct from the bank-facing MAS Notice 626 amendment issued on the same date.
FATF revised Recommendation 16 to standardise payment information and strengthen fraud/error controls in cross-border payments.
Current relationship. Direct FATF membership and any listed regional assessment network participation are current profile relationships only. The GLOBAL milestone does not prove membership or domestic implementation on the event date; those remain LOCAL/STATUS evidence.
FATF Global Network ↗FATF amended Recommendation 1 and related interpretive material to strengthen proportionality and simplified measures under the risk-based approach.
Current relationship. Direct FATF membership and any listed regional assessment network participation are current profile relationships only. The GLOBAL milestone does not prove membership or domestic implementation on the event date; those remain LOCAL/STATUS evidence.
FATF Global Network ↗Singapore’s Police Force, Central Narcotics Bureau and Corrupt Practices Investigation Bureau published a refreshed Law Enforcement Strategy to Combat Money Laundering on 30 October 2024.
Singapore published its National Anti-Money Laundering Strategy on 30 October 2024, setting a national strategic approach to money-laundering risks.
Singapore published its 2024 Proliferation Financing National Risk Assessment and Counter-PF Strategy on 30 October 2024.
Singapore published coordinated thematic risk assessments on virtual assets, legal persons and legal arrangements on 30 October 2024, complementing the national ML and TF risk assessments.
Singapore published an updated Terrorism Financing National Risk Assessment and refreshed National Strategy for Countering the Financing of Terrorism on 1 July 2024.
Singapore published its National Asset Recovery Strategy on 26 June 2024 as part of the national AML/CFT regime.
Singapore published its updated Money Laundering National Risk Assessment on 20 June 2024, refreshing the national view of ML threats and sector vulnerabilities.
Singapore published its Environmental Crime Money Laundering National Risk Assessment on 29 May 2024, identifying key environmental-crime ML threats, vulnerabilities and mitigation measures.
MAS issued a revised Notice 626 for banks with effect from 1 April 2024.
FATF revised Recommendations 4, 30, 31 and 38 and related interpretive material to make asset recovery a stronger operational priority, expand tools to trace and confiscate criminal property and improve domestic and international cooperation.
Current relationship. Direct FATF membership and any listed regional assessment network participation are current profile relationships only. The GLOBAL milestone does not prove membership or domestic implementation on the event date; those remain LOCAL/STATUS evidence.
FATF Global Network ↗At its February 2023 Plenary FATF revised Recommendation 25 and its Interpretive Note to strengthen transparency and beneficial-ownership requirements for trusts and similar legal arrangements, complementing the 2022 strengthening of Recommendation 24 for legal persons.
Current relationship. Direct FATF membership and any listed regional assessment network participation are current profile relationships only. The GLOBAL milestone does not prove membership or domestic implementation on the event date; those remain LOCAL/STATUS evidence.
FATF Global Network ↗FATF strengthened Recommendation 24 on beneficial ownership transparency for legal persons.
Current relationship. Direct FATF membership and any listed regional assessment network participation are current profile relationships only. The GLOBAL milestone does not prove membership or domestic implementation on the event date; those remain LOCAL/STATUS evidence.
FATF Global Network ↗MAS amended bank AML/CFT requirements under Notice 626.
FATF amended Recommendations 1 and 2 and their Interpretive Notes so countries and covered private-sector entities must identify, assess and mitigate risks of breaches, non-implementation or evasion of proliferation-related targeted financial sanctions.
Current relationship. Direct FATF membership and any listed regional assessment network participation are current profile relationships only. The GLOBAL milestone does not prove membership or domestic implementation on the event date; those remain LOCAL/STATUS evidence.
FATF Global Network ↗The Basel Committee revised its ML/TF risk-management guidelines to add principles for information exchange and cooperation between prudential and AML/CFT supervisors in authorisation, ongoing supervision and enforcement.
A Basel supervisory publication does not become domestic law merely because it is GLOBAL. National adoption, supervisory use or incorporation must be evidenced by a LOCAL milestone or source.
Basel Committee on Banking Supervision ↗MAS issued AML/CFT requirements for digital payment token service providers.
MAS issued AML/CFT requirements for payment service licensees providing specified payment services under the Payment Services framework.
FATF adopted detailed implementation requirements for virtual assets and VASPs in June 2019, including the application of wire-transfer information requirements commonly described as the Travel Rule. This operationalised the virtual-asset perimeter introduced through the 2018 Recommendation 15 revision.
Current relationship. Direct FATF membership and any listed regional assessment network participation are current profile relationships only. The GLOBAL milestone does not prove membership or domestic implementation on the event date; those remain LOCAL/STATUS evidence.
FATF Global Network ↗The Act created the statutory perimeter later supported by MAS AML/CFT notices for payment and DPT services.
In October 2018 FATF revised Recommendation 15 and added the definitions of virtual asset and virtual asset service provider, formally bringing virtual-asset activity into the global AML/CFT standards architecture. Detailed implementation requirements followed in 2019.
Current relationship. Direct FATF membership and any listed regional assessment network participation are current profile relationships only. The GLOBAL milestone does not prove membership or domestic implementation on the event date; those remain LOCAL/STATUS evidence.
FATF Global Network ↗MAS issued a replacement Notice 626, effective 24 May 2015, updating the AML/CFT requirements for banks.
The Basel Committee issued Sound management of risks related to money laundering and financing of terrorism, superseding its 2001 CDD and 2004 consolidated KYC papers and integrating ML/TF risk management with prudential supervisory expectations.
A Basel supervisory publication does not become domestic law merely because it is GLOBAL. National adoption, supervisory use or incorporation must be evidenced by a LOCAL milestone or source.
Basel Committee on Banking Supervision ↗FATF adopted a consolidated revised set of 40 Recommendations integrating AML, CFT and proliferation-financing safeguards.
Current relationship. Direct FATF membership and any listed regional assessment network participation are current profile relationships only. The GLOBAL milestone does not prove membership or domestic implementation on the event date; those remain LOCAL/STATUS evidence.
FATF Global Network ↗MAS issued Notice 626 setting AML/CFT requirements for banks.
Resolution 1737 imposed binding measures concerning Iran’s proliferation-sensitive nuclear activities, including an asset freeze on designated individuals and entities. Together with the DPRK regime, it forms a foundational UN counter-proliferation targeted-financial-sanctions architecture.
UN Members agree to accept and carry out Security Council decisions. This current Charter relationship is not proof of the jurisdiction’s domestic implementation, nor a claim about its membership status on the historical event date.
UN Charter · Article 25 ↗Following the DPRK nuclear test, Resolution 1718 imposed binding sanctions including an asset freeze on designated persons and entities connected to the nuclear programme. It became a central UN targeted-financial-sanctions pillar for counter-proliferation financing.
UN Members agree to accept and carry out Security Council decisions. This current Charter relationship is not proof of the jurisdiction’s domestic implementation, nor a claim about its membership status on the historical event date.
UN Charter · Article 25 ↗FATF added a ninth Special Recommendation addressing cash couriers and cross-border movement of currency.
Current relationship. Direct FATF membership and any listed regional assessment network participation are current profile relationships only. The GLOBAL milestone does not prove membership or domestic implementation on the event date; those remain LOCAL/STATUS evidence.
FATF Global Network ↗Resolution 1540 requires all States to adopt and enforce laws and domestic controls to prevent non-State actors from acquiring or using weapons of mass destruction and related materials. It forms a binding global legal pillar of the proliferation-financing control environment later reflected in FATF CPF standards.
UN Members agree to accept and carry out Security Council decisions. This current Charter relationship is not proof of the jurisdiction’s domestic implementation, nor a claim about its membership status on the historical event date.
UN Charter · Article 25 ↗The UN General Assembly adopted the United Nations Convention against Corruption on 31 October 2003. UNCAC addresses prevention of money laundering, laundering of corruption proceeds, confiscation and a dedicated asset-recovery framework; the Convention entered into force globally on 14 December 2005.
Current UN depositary relationship to 2003 UN Convention against Corruption. This is not a claim that the jurisdiction was already a Party on the GLOBAL event date; the national accession/ratification date is a separate LOCAL/STATUS fact.
UN Treaty Collection ↗FATF comprehensively revised its AML/CFT Recommendations, strengthening preventive measures and extending coverage.
Current relationship. Direct FATF membership and any listed regional assessment network participation are current profile relationships only. The GLOBAL milestone does not prove membership or domestic implementation on the event date; those remain LOCAL/STATUS evidence.
FATF Global Network ↗The Egmont Group's official Member FIU Information register records Singapore's FIU admission date as 2002-06-30.
The Basel Committee issued Customer due diligence for banks, setting minimum supervisory expectations for customer acceptance, identification, ongoing monitoring and risk management. It became an influential global banking KYC/CDD benchmark and was later reflected in FATF standards.
A Basel supervisory publication does not become domestic law merely because it is GLOBAL. National adoption, supervisory use or incorporation must be evidenced by a LOCAL milestone or source.
Basel Committee on Banking Supervision ↗FATF expanded its standards to terrorist financing through eight Special Recommendations.
Current relationship. Direct FATF membership and any listed regional assessment network participation are current profile relationships only. The GLOBAL milestone does not prove membership or domestic implementation on the event date; those remain LOCAL/STATUS evidence.
FATF Global Network ↗Resolution 1373 requires all States to prevent and suppress terrorist financing, criminalise the provision or collection of funds for terrorist acts, freeze terrorist assets without delay and prohibit making funds or financial services available to terrorists and related entities.
UN Members agree to accept and carry out Security Council decisions. This current Charter relationship is not proof of the jurisdiction’s domestic implementation, nor a claim about its membership status on the historical event date.
UN Charter · Article 25 ↗The Palermo Convention was adopted on 15 November 2000 and broadened the international money-laundering framework beyond drug proceeds through criminalisation and preventive measures tied to transnational organised crime. It entered into force globally on 29 September 2003.
Current UN depositary relationship to 2000 Palermo Convention. This is not a claim that the jurisdiction was already a Party on the GLOBAL event date; the national accession/ratification date is a separate LOCAL/STATUS fact.
UN Treaty Collection ↗The Singapore Police Force records that STRO was established in January 2000. It became the central office for suspicious-transaction reporting and financial intelligence before later sector-specific MAS AML/CFT notices.
The UN General Assembly adopted the International Convention for the Suppression of the Financing of Terrorism on 9 December 1999, creating the treaty framework for criminalising terrorist financing and international cooperation. It entered into force globally on 10 April 2002.
Current UN depositary relationship to 1999 Terrorist Financing Convention. This is not a claim that the jurisdiction was already a Party on the GLOBAL event date; the national accession/ratification date is a separate LOCAL/STATUS fact.
UN Treaty Collection ↗Resolution 1267 imposed an assets freeze and other targeted sanctions in the Taliban context and created the Security Council committee that became the foundation of the UN 1267 sanctions architecture. It is a key global precursor to modern terrorist-financing targeted financial sanctions.
UN Members agree to accept and carry out Security Council decisions. This current Charter relationship is not proof of the jurisdiction’s domestic implementation, nor a claim about its membership status on the historical event date.
UN Charter · Article 25 ↗Singapore is one of the 13 founding members of the Asia/Pacific Group on Money Laundering established in Bangkok on 27 February 1997.
FATF revised the Forty Recommendations to reflect evolving money-laundering methods and countermeasures.
Current relationship. Direct FATF membership and any listed regional assessment network participation are current profile relationships only. The GLOBAL milestone does not prove membership or domestic implementation on the event date; those remain LOCAL/STATUS evidence.
FATF Global Network ↗Representatives of 13 financial intelligence units met in Brussels on 9 June 1995 and founded what became the Egmont Group. The milestone created the operational global network for FIU-to-FIU cooperation and exchange of financial intelligence.
Current profile relationship to the Egmont network. This does not imply membership in 1995; admission history is a separate LOCAL/STATUS fact.
Egmont Group · Member FIUs ↗Singapore’s official AML risk material identifies the Corruption, Drug Trafficking and Other Serious Crimes (Confiscation of Benefits) Act 1992 as the primary legislation criminalising laundering of criminal benefits and providing investigative/confiscation powers. This predates the 2007 MAS Notice chronology.
FATF records Singapore as a member since 1992.
FATF issued its original Forty Recommendations, establishing the first global AML standard framework.
Current relationship. Direct FATF membership and any listed regional assessment network participation are current profile relationships only. The GLOBAL milestone does not prove membership or domestic implementation on the event date; those remain LOCAL/STATUS evidence.
FATF Global Network ↗The G7 established FATF in 1989 to examine and develop measures to combat money laundering. FATF became the central global standard-setting body whose recommendations are implemented through national and regional AML/CFT frameworks.
Current relationship. Direct FATF membership and any listed regional assessment network participation are current profile relationships only. The GLOBAL milestone does not prove membership or domestic implementation on the event date; those remain LOCAL/STATUS evidence.
FATF Global Network ↗The Vienna Convention was adopted on 20 December 1988 and created the first treaty-level international obligation to criminalise laundering conduct linked to drug-trafficking proceeds, alongside confiscation and international-cooperation measures. It entered into force globally on 11 November 1990.
Current UN depositary relationship to 1988 Vienna Convention. This is not a claim that the jurisdiction was already a Party on the GLOBAL event date; the national accession/ratification date is a separate LOCAL/STATUS fact.
UN Treaty Collection ↗The Basel Committee published a Statement of Principles for banks aimed at reducing the risk that banking institutions would be used by criminals or as channels for money laundering. This helped establish the preventive and supervisory side of AML alongside the emerging criminal-law framework.
A Basel supervisory publication does not become domestic law merely because it is GLOBAL. National adoption, supervisory use or incorporation must be evidenced by a LOCAL milestone or source.
Basel Committee on Banking Supervision ↗